This recommended practice (RP) of AACE International defines a set of typical requirements for a basic set of configuration, alignment, and structure for a cost control system software tool for project controls professionals in all industries. This recommended practice is in alignment with the Total Cost Management (TCM) Framework [1]. For clarity, the following distinctions are made:

• System – A collection of processes, procedures, policies, guidelines, tools and resources used to address a specific need.
• Tool – A specific implement for use within a system.

For example, a comprehensive earned value management system (EVMS) vs. earned value software tools which are a part of the overall system for managing performance.

This RP is intended to address the development of a requirements document for selection of a cost control tool (software). This RP is oriented toward the execution phase of a project. The concepts could be applied by an owner to the entire project life-cycle.

In addition, it will provide an overview of the basic and essential cost control software requirements to effectively assess, select, and implement all types of projects based on these requirements. Furthermore, it will present a process map for effective deployment and implementation.