Project Cost Control is a specific discipline that requires following a set of principles. We have distilled those principles down in a set of Golden Rules that can be easily be used as a reference – and as a way to check if your Project Cost Control process and setup indeed responds to the basic requirements that will ensure that your projects remain under control. These Golden Rules are detailed in our new White Paper 2014-04.
In all cases it is important to always remember that the main objective of Project Cost Control is to enable the Project Manager to take decisions based on an accurate description of the project financial situation, based on the organization’s current knowledge and understanding of reality.
The Golden Rules cover:
- Accountability
- Forecasting focus
- Maintenance of a Project Cost Model
- Cost, Scope and Schedule consistency
- Immediacy Principle
- Candidness Principle
- Timeliness of reporting
- No surprises
- Commitment tracking focus
- Prudence principle for the Estimate at Completion
- Realism for the ‘Achievable’ forecast
- Accuracy over Precision
- Data integrity
- Cost reconciliation
How do you fare when it comes to these basic rules? Discover the details of these rules in our new White Paper 2014-04 “The 14 Cost Control Golden Rules”
Find all these principles of Project Cost Control exposed in a comprehensive manner in our new Handbook, 
Practical Project Cost Control for Project Managers (now published – click on the link to see it on Amazon!)
