“Flying an aircraft involves more than just taking off, steering and landing. It is also necessary to ensure full tanks before take-off and monitor fuel reserves throughout the flight. If refueling becomes necessary, you will want to discover that need at the earliest opportunity. You will need to retain some fuel in the tanks for landing. Cost Management is a similar function for a construction project.” – Elwin Sharp

 

When the budget for a project is set, and construction commences, it is important to continue to monitor the budget, regularly reporting to a Project Control Group on such things as expenditure to date, impact of changes on the budget and cost to complete. This is Cost Management.