Cost control with statistic tools

Introduction

The article will focus on the theories and methods applied in cost control in cost management. Control Costs is the process of monitoring the status of the project to update the project costs and managing changes to the cost baseline. The key benefit of this process is that the cost baseline is maintained throughout the project. This fit of this process is that the cost baseline is maintained throughout the project.[1]

The following part will be involved:

1. basic theories and steps
2. tools and techniques
3. application of statistic tools

key reference:

1. Project Management: A guide to the Project Management Body of Knowledge (PMBOK guide) 6th Edition (2017)
2. Project Management Institute(PMI). (2005) "Practice Standard for Earned Value Management"
3. Aliverdi, R., Moslemi Naeni, L., & Salehipour, A. (2013). Monitoring project duration and cost in a construction project by applying statistical quality control charts. International Journal of Project Management, 31(3), 411–423. https://doi.org/10.1016/j.ijproman.2012.08.005
4. Hadian, H., & Rahimifard, A. (2019). Multivariate statistical control chart and process capability indices for simultaneous monitoring of project duration and cost. Computers and Industrial Engineering, 130(March), 788–797. https://doi.org/10.1016/j.cie.2019.03.021