14. Implementing cost control measures for a project, consider the following data:

Cost Category	Initial Budget ($)	Revised Budget ($)
Labor	60,000	55,000
Materials	35,000	30,000
Overhead	25,000	20,000

Your requirements are as follows:

• Calculate the percentage reduction in each cost category.
• Analyze the impact of cost reductions on the project's total budget.
• Present the analysis in a cost control summary table.
• Provide a paragraph discussing the rationale behind each cost reduction measure.
• Discuss potential risks associated with cost-cutting efforts.
• Include a bullet list of strategies for maintaining cost control throughout the project lifecycle.