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7 - PROJECT COST MANAGEMENT

7.4 control costs

Control Costs is the process of monitoring the status of the project to update the project costs and managing
changes to the cost baseline. The key benefit of this process is that it provides the means to recognize variance
from the plan in order to take corrective action and minimize risk. The inputs, tools and techniques, and outputs of
this process are depicted in Figure 7-10. Figure 7-11 depicts the data flow diagram of the process.

Inputs Tools & Techniques Outputs

.1 Project management plan .1 Earned value .1 Work performance
.2 Project funding management information
requirements .2 Forecasting .2 Cost forecasts
.3 Work performance data .3 To-complete .3 Change requests 7
.4 Organizational process performance index (TCPI) .4 Project management plan
assets .4 Performance reviews updates
.5 Project management .5 Project documents
software updates
.6 Reserve analysis .6 Organizational process
assets updates

Figure 7-10. control costs: Inputs, tools & techniques, and outputs

Project Cost Management

7.3
Determine
4.2 Budget Project
Develop Project Documents
Management
Plan
• Project funding
requirements
• Project
management
plan • Project documents
4.3 updates
Direct and 7.4 4.4
Manage Project • Work performance Control Monitor and
Work data Costs • Work performance Control Project
information Work
• Organizational • Cost
process assets forecasts
Enterprise/ • Change
Organization requests 4.5
• Organizational Perform
process assets Integrated
updates Change Control

Figure 7-11. control costs data Flow diagram

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©2013 Project Management Institute. A Guide to the Project Management Body of Knowledge (PMBOK Guide) – Fifth Edition 215

Licensed To: Jorge Diego Fuentes Sanchez PMI MemberID: 2399412
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