{"id":19179,"date":"2021-07-30T00:00:00","date_gmt":"2021-07-30T05:00:00","guid":{"rendered":"https:\/\/blog.planview.com\/the-importance-of-cost-control-in-project-management-clarizen\/"},"modified":"2021-07-30T00:00:00","modified_gmt":"2021-07-30T05:00:00","slug":"the-importance-of-cost-control-in-project-management-clarizen","status":"publish","type":"post","link":"https:\/\/blog.planview.com\/the-importance-of-cost-control-in-project-management-clarizen\/","title":{"rendered":"The Importance of Cost Control in Project Management \u2013 Planview AdaptiveWork"},"content":{"rendered":"

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The importance of cost control in project management success is something every project manager is familiar with. The ability to maintain an organized approach to tasks while staying aware of cost control is not an easy skill. Although time and resource management are vital to achieving goals, cost performance is ultimately what determines a positive project outcome.<\/p>\n

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Cost Management<\/strong><\/p>\n

To establish a suitable amount of control over the budget, a project manager must exercise strict cost supervision. In other words, they have to be conscious of where funds are allocated at all times and if anything needs to change to meet the set budget. Project managers should never be caught with going over budget unexpectedly.<\/p>\n

Ultimately, the subset of all project management is cost management. If you cannot manage simple costs, you will have an even harder time handling complex projects. The ability to control the budget means<\/a> a project manager must be able to identify the source of costs, to begin with. The following are a few areas a project manager should keep their eye on when practicing efficient cost management:<\/p>\n