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Implementing cost control measures for a project, consider the following data: Cost Category Initial Budget ($) Revised Budget ($) Labor 50,000 45,000 Materials 30,000 25,000


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

    Cost CategoryInitial Budget ($)Revised Budget ($)
    Labor50,00045,000
    Materials30,00025,000
    Overhead20,00018,000

    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.

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