Project Management Professional (PMP) Exam Practice – Question1723

The key to effective cost control is______________


A. Using earned value to forecast project status
B. Focusing on projected expenditures and actively networking with key stakeholders to ensure funds will be available as requested
C. Informing stakeholders of the project's cost status

D. Managing the approved cost baseline and any changes to it

Correct Answer: D

Explanation:

Explanation:
The control costs process involves monitoring the project’s status to update the project costs and managing changes to the cost baseline. Its benefit is that is provides the means to recognize variance in order to take corrective action and minimize risks.
Therefore, effective management of the approved cost baseline and any changes is imperative.