How does continuous monitoring enhance cost control processes?
- Identifying cost variances early and taking corrective actions
- Sticking to the initial budget regardless of changes
- Conducting cost analysis only at project completion
- Assuming costs will naturally align with the budget
Continuous monitoring allows for early identification of cost variances, enabling timely corrective actions to be taken. This proactive approach helps in controlling costs throughout the project lifecycle, ensuring alignment with the budget and minimizing financial risks.
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