(Answered) Qestion the three ways of controlling project costans

Accounting

Question : The three ways of controlling project cost

Ans : The three ways of controlling project cost are

1. Keeping a track of the costs that are being incurred in the project and ensure there is no wastage of budget

2. To ensure proper communication with project team members and giving them clear instructions on what is expected. This would help in proper usage of resources available and would not incur additional costs in the project

3. Introduction of change control systems in case there are any changes that are expected in a project

Arguement : I agree with your cost ocntroll methods listed above and I would also like to add that another measure that can be used is by idenifiying cost variances and einefficiencies early so they can be corrected aand not effect the schedule or scope of the project is also importance.

I need a reply for this arguement.please someone help me with briefly

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