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The Problem of Cost

In: Early Project Appraisal

Author

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  • Knut Samset

Abstract

Cost is the management parameter that attracts the most attention in the organization and implementation of a project. As discussed in Chapter 2, the focus on costs is considered by some to be excessive relative to other parameters, such as project relevance. In the long-term view, it may turn out that cost overruns are only of minor importance in project profitability and benefit. Yet in other cases, cost overruns may comprise a death blow. Cost is eminently suitable as a management parameter, because it is expressed quantitatively with great precision and is continuously updated as a part of all transactions in a society. Costs are suited to making participants accountable, to gauging progress and result attainment and to comparing expenses with income to assess economic viability over time.

Suggested Citation

  • Knut Samset, 2010. "The Problem of Cost," Palgrave Macmillan Books, in: Early Project Appraisal, chapter 8, pages 76-82, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-28992-5_8
    DOI: 10.1057/9780230289925_8
    as

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