53. PMP Tutorial | Project cost control process overview

Описание: Let's look into control cost process in this PMP project management basics tutorial video along with ITTO,input,tools,techniques,output of project control cost process.
As per PMP PMBOK-5 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 PMP project Control Costs process is that it provides the means to recognize variance from the plan in order to take corrective action and minimize risk.
It is very important for the project manager to keep track of the cost and to control cost of the project within the budget.
Here the ITTO,input,tools,techniques,output of PMP project control cost process
input of control project cost process are,
1 Project management plan
2 Project funding requirements
3 Work performance data
4 Organizational process assets
Tools and techniques used in control project cost process are,
1 Earned value
management
2 Forecasting
3 To-complete
performance index (TCPI)
4 Performance reviews
5 Project management
software
6 Reserve analysis
Output of control project cost process are,
1 Work performance
information
2 Cost forecasts
3 Change requests
4 Project management plan
updates
5 Project documents
updates
6 Organizational process
assets updates