Operations and project cost overrun is one of the many challenges faced by businesses in this current global market. The effects of cost overrun are numerous ranging from loss of profit, threat to business competitiveness and survival and many others. Therefore, the need a strategy that incorporates cost control cannot be over emphasized. This article discusses the different cost control techniques that can be employed when drawing a business strategy. Expert judgements from professionals in the oil and gas industry was gathered using a semi structured interview technique for the purposes of analysis for this structure. The findings revealed that one cost control method cannot be used to manage project cost overrun and hence integration of several cost control techniques relevant to a business is the way forward.
|Number of pages||4|
|Journal||international journal of current research|
|Early online date||19 Mar 2018|
|Publication status||Published - 31 Mar 2018|
Bibliographical noteCopyright © 2018, Dr. GYASI, Evans Akwasi and CHUNG, Kristen Ka Yee
License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Copyright © and Moral Rights are retained by the author(s) and/ or other copyright owners. A copy can be downloaded for personal non-commercial research or study, without prior permission or charge. This item cannot be reproduced or quoted extensively from without first obtaining permission in writing from the copyright holder(s). The content must not be changed in any way or sold commercially in any format or medium without the formal permission of the copyright holders.
- Cost control
- Total cost management
- Cost reduction analysis
- Cost avoidance and target costing