ABSTRACT
Many people confuse cost tracking and/or accounting with cost control; that thinking is far from the truth. The greatest opportunities for real cost control and substantial cost reductions are found in the early project definition and planning stages - site selection, process design, and execution planning. Cost tracking and accounting come into play after the project has been defined and the major costs set. Cost tracking is an important activity that must be performed in order to detect variations, take corrective action, if possible, and make accurate forecasts. However, the opportunities for cost reduction are very limited.
