According to the PMBOK Guide, the Control Costs process is the process of monitoring the status of the project to update the project costs and managing changes to the cost baseline.
* Work Performance Information (WPI): In the Control Costs process, work performance data (raw observations) is collected and compared against the cost baseline. The resulting Work Performance Information includes a calculated assessment of how the project is performing financially, typically expressed through CV (Cost Variance) and CPI (Cost Performance Index).
* Cost Forecasts: As part of controlling costs, the project manager must determine if the project can still be completed within the approved budget. This involves calculating the Estimate at Completion (EAC) and Estimate to Complete (ETC). These values, which predict future cost performance based on current trends, are formally documented as Cost Forecasts.
* Integration: These outputs are critical because they are subsequently used as inputs to the Monitor and Control Project Work process to provide a holistic view of project health.
Comparison with other options:
* A. Estimate Costs: The primary output of this process is Activity Cost Estimates and Basis of Estimates. It focuses on predicting how much individual activities will cost before the work begins.
* B. Plan Cost Management: The primary output is the Cost Management Plan, which is a formal document describing how the project costs will be planned, structured, and controlled.
* C. Determine Budget: The primary outputs are the Cost Baseline and Project Funding Requirements.
This process aggregates the estimated costs of individual activities or work packages to establish an authorized cost baseline.