Cost control with statistic tools

Summary

The article will focus on the theories and methods applied in cost control in cost management. 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