Simple Explanation of Cost Control
Cost Control is part of cost management and focuses on implementing corrective actions based on tracking and comparing actual and planned costs. Its goal is to avoid surprises, stay within budget, and prevent your maintenance or project costs from getting off track.
- It involves analyzing costs and making decisions, corrections, and improvements.
- Corrections mean adjusting the scope, schedule, budget, or the costs themselves.
Aptien for Business Humans: Cost Control Means Keeping Your Business Spending in Check
- Cost Control is like using the steering wheel and brakes on a road trip: You check where you are (actual costs), compare it to where you planned to be (budget), and make course corrections if you're deviating from the route.
