Project cost control — primary purposes and benefits (Choose the most comprehensive objective of a formal cost control system.)

Introduction / Context:
Cost control turns plans into actionable targets, tracks actuals, and triggers corrective actions. It also captures lessons learned to improve future estimates and behaviors across the project team.

Given Data / Assumptions:

• Baseline includes budgeted quantities, rates, and schedule.
• Actuals are monitored through earned value, commitments, and cash outflows.
• Management seeks early warnings and continuous improvement.

Concept / Approach:
An effective cost control loop comprises planning (budgets), measuring (progress and costs), comparing (variance analysis), and acting (corrective measures). It integrates with scheduling (earned value metrics like CPI and SPI) and risk management to preempt overruns.

Step-by-Step Solution:
1) Establish control accounts and budgets.2) Measure actual progress and costs at regular intervals.3) Compute variances and indices; flag uneconomic trends early.4) Feed back findings to estimators and planners to refine future estimates and behaviors.5) Reinforce cost-aware culture through transparent reporting and accountability.

Verification / Alternative check:
Organizations with mature cost control show narrower bid-to-actual variances and faster corrective responses.

Why Other Options Are Wrong:
Each of (a)–(c) is a valid purpose but only partially complete; the combined objective in (d) best reflects comprehensive cost control.

Common Pitfalls:
Measuring costs without earned progress; late reporting; ignoring forecast-to-complete; failing to capture and reuse lessons learned.

Final Answer:
All of these