What are the objectives of financial control & Reporting? (Post Contract Cost Control )

•  To manage project costs within the approved limits

• To provide a 'decision support' advice for use by the Client/Employer

•  To provide the Client/Employer better value for money 

• To develop the financial information relating to the project in agreed stages  against which change can be controlled and regularly monitored 

•  To achieve balance of expenditure over various elements of the building

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What is the purpose of Cost report?

Cost report is prepared to report the followings;

  - Identify the changes to original budget / cost over runs.

  - Identify the possible/potential changes to the contract price.

  - Forecast the final contract price.

  - Identify the changes in the particular period.

Since the Employer can identify the final anticipated final contract price, he can arrange finance. If he can't find any additional finance for the project, he can do the necessary adjustment ie. remove acticipated Variations, cost saving proposals etc.