Project cost and its control is important management responsibilities. After construction begins, the project cost control management system retrieves costs, labor and equipment hours, and production quantities from the job site as the work progresses. This information is used in two important ways. One is to develop production and cost data for labor and equipment in a form suitable for estimating the cost of future work. The other application of cost and production information is to assist in keeping the construction costs of an ongoing project within its established budget. Regardless of the type of contract with the owner, it is important that the contractor exercises the maximum control possible over field costs during the construction period. A functioning and reliable cost system plays a vital role in the proper management of a construction project. How the costs of an ongoing construction project are obtained and used depends on its size and character. A large, complex job requires a detailed reporting and information system to serve project needs. Simpler and less elaborate procedures are sufficient for smaller and less complex projects. In any event, the only justification for the expense of a project cost system is the value of the management data it provides. If the information produced is not used or if it is not supplied in a usable form or timely fashion, then the system has no real value and its cost cannot be justified. Properly designed and implemented, project cost management is an investment rather than an expense. Because of volume of materials in trade for construction industry compare to other industries, the economic result of cost control in international construction companies simply is better economic result for whole country at the first place.
Keywords: Cost Control; Construction Management; Scheduling; Planning