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How does Cost Control is most Important Basic Requirement in Management

Project by Quantity Surveying?

Cost Management is the process of estimating, allocating, and controlling project

costs. The quantity surveyor has the responsibility for providing accurate and
timely cost advice throughout the duration of a project to a variety of
organizations including the client and architect.
Cost Control involves estimating your projected budget, monitoring any of your
projects’ expenses, and planning for unforeseen costs that may arise from risks in
engineering and construction. One of the most critical performance indicators for
your projects. Planning cost is only half of the story. Once a project commences
on site there is a need to control cost targets (set in the pre-contract phase) to
ensure that costs do not spiral out of control.
Cost control for engineering and construction projects is imperative. It is not only
monitoring or watching the cost but also performing analysis to make changes at
the point of correction rather than waiting until the end of the project. Good cost
control must include cost estimating, cost accounting, project cash flow,
company cash flow, direct labor costing, and other tactics such as incentives,
penalties, and profit sharing. At the Design Development Stage each element
should have a cost target; the cost control process involves checking that the cost
allocation is realistic, now more detailed information is available, using
approximate quantities.