Cost Control is basically monitoring the estimated cost and performance against progress and mitigate potential risks on time. It is a systematic and professional approach to managing project costs throughout the life cycle of a project, product or service starting from the conceptual stage of the project. It involves application of engineering judgement, experience, scientific principles and methods during cost estimation, cost monitoring and controls during project execution.

There is always a need for effective cost control In order to avoid cost overruns during the project execution to help companies stay in the budget by measuring the variances from cost estimate baseline and mitigation thereof by taking timely corrective actions. This involves variance analysis, forecasting, earned value management, progress measurement, commitment, and expenditure profiles.