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What is the difference between cost management and cost control?

Are both cost control and cost management the same thing? Please explain the differences between the two (from a project management perspective) if they're not.
asked 8 years ago by anonymous

1 Answer

Personally I used to think that Cost Control falls under Cost Management, which I later discovered to be false.

Cost control means creating a budget for the project and control that budget (the act of trying not to go over budget is called cost control).

Cost management, on the other hand, is more or less an organization wide term, which means that we should optimize our expenditures (reduce our costs) while maintaining the same quality.
answered 8 years ago by LonelyProjectManager (4,420 points)

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