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(CSC-2277) The Dimensionality of Cost Control

Primary Author: Anne E. Alvarado, CCP
Audience Focus: Intermediate
Application Type: Research
Venue: 2016 AACE International Annual Meeting, Toronto, ON, Canada

Abstract: As projects, and their associated cost control activities, become more complex project teams must be able to translate what they “just know” to the structured logic behind computerized project management systems. Thinking of a budget in terms of values organized with a breakdown structure isn’t enough.

This paper explores simultaneously defining costs across multiple axes: value, time, use type (breakdown structure), and control phase (approved funds, available funds, etc.). We will explain how an organization-specific implementation of this data structure allows the project manager to easily align data collection and reporting to match existing business processes, how the extended cost data structure easily collapses to produce standard cost control reporting, and how this data structure facilitates selecting and implementing a cost control or project management system.