The purpose of cost control is to manage the project costs so that they conform to the cost/effort baseline and overall project budget constraints. The EU Project Manager (EUPM) regularly monitors the budget and tracks the difference between budgeted, actual and expected costs.
If the project budget is at risk, the Project Steering Committee (PSC) needs to be informed and corrective actions must be devised, agreed, and implemented. If considerable cost overruns are foreseen, these need to be justified, reported to, and approved by the Grant Owner (GO) or the Contracting Authority (CA).
| Key participants | Description |
|---|---|
| EU Project Manager (EUPM) | Monitors and controls the budget. |
| Financial Manager (FM) | Reports on the status of costs, periodically or upon request |
| Partners Project Managers (PtEUPM) | Support the EU Project Manager (EUPM) monitoring and controlling the costs related to their assigned part of project activities |
| Grant Owner (GO) | Owns and approves the budgeted costs |
| Monitoring and Control | CA | PSC | GO | DC | PTG | CR | EUPM | PtEUPM | PCT | PST (FM) |
|---|---|---|---|---|---|---|---|---|---|---|
| Control Cost | n.a. | I | A | C | C | I | R | S | C | S |