Top 50 cost

control
terms
 A financial plan
that outlines
1. Budget
expected costs
for a project.
 An approximation of
2. Cost the expenses
Estimate associated with a
project.
3. Change A document that
Order modifies the original
construction contract.
 Funds set aside to
4. Contingency cover unexpected
costs.
 Expenses that can be
5. Direct
Costs directly attributed to
a specific project.
6. Expenses not directly
Indirect tied to a specific
Costs project, such as
overhead.
 Expenses related to
7. Labor the workforce
Costs involved in the
project.
 Expenses for the
8. Material materials used in
Costs construction.
 Costs that are
necessary for the
9. Overhead operation of a
business but cannot
be directly attributed
to a project.
 The difference
10. Profit between the cost of a
Margin project and its selling
price.
 A method to improve
11. Value the value of a project
Engineering by optimizing its
function and cost.
 A project
12. Earned management
Value technique that
Management measures project
(EVM)
performance against
the plan.
 The difference
13. Cost
between the
Variance
budgeted cost and
(CV)
the actual cost.
 The difference
14.
between the planned
Schedule
progress and the
Variance
actual progress of a
(SV)
project.
 The process of
15. predicting future
Forecasting project costs based
on current data.
 The movement of
16. Cash
money in and out of a
Flow
project over time.
 The process of
monitoring and
17. Cost
managing costs to
Control
stay within the
budget.
 The process of
18.
acquiring goods and
Procurement
services for a project.
 The process of
19. submitting proposals
Bidding to win a construction
contract.
 The management of
20. Contract contracts during the
Administration project lifecycle.
 The identification and
21. Risk
Management mitigation of risks that
could impact costs.
 A comparison of the
22. Cost- costs and benefits of a
Benefit
Analysis project to determine
feasibility.
 An analysis of the
23. Life
total cost of
Cycle
ownership over the
Costing
life of an asset.
 The distribution of
24. resources among
Resource
various projects or
Allocation
tasks.
 The defined
25.
boundaries and
Project deliverables of a
Scope project.
 A significant point in a
26.
project timeline that
Milestone
indicates progress.
 The assessment of
27. project performance
Performance
Measurement against established
criteria.
28. The process of
Quality ensuring that project
Control deliverables meet
quality standards.
29.
The planning and
Schedule controlling of the
Management
project schedule.
 Changes made to the
30.
original budget based
Budget on project
Revisions developments.
 The documentation of
31. Cost
project costs for
Reporting
stakeholders.
32. A document that
Project outlines the objectives
Charter and scope of a
project.
 The process of
managing
33. relationships with
Stakeholder
Management individuals or groups
impacted by the
project.
34. A timeline for the
Construction completion of project
Schedule tasks and milestones.
 The practice of hiring
35. third parties to
Subcontracting complete specific
project tasks.
 A modification made
36. Field
to the project during
Change
construction.
37. Work A hierarchical
Breakdown
decomposition of the
Structure
(WBS) total scope of work.
 The final phase of a
38.
project where all
Project
activities are
Closeout
completed and
documented.
 The process of
39. comparing project
Benchmarking metrics to industry
standards.
 A measure used to
40. Cost compare the cost of
Index various construction
projects.
41. Modifications made to
Inflation project costs to
Adjustment
account for inflation.
 The process of
42. documenting and
Financial
Reporting communicating
financial information.
43. Value
Engineering A proposal aimed at
Change improving value while
Proposal reducing costs.
(VECP)
 The tracking of costs
44. Job associated with a
Costing specific job or
project.
45. Cost A measure of cost
Performance
Index (CPI) efficiency in a project.
46. A measure of
Schedule
Performance
schedule efficiency in
Index (SPI) a project.
 The process of
47. Cost
Allocation distributing costs to
various cost objects.
 A formal examination
48.
of a project's
Project performance and
Audit financials.
49. The origins of financial
Funding resources for a
Sources project.
50. Cost The ongoing monitoring of project
Tracking expenditures against the budget