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• How are cost control objectives achieved? <br /> In order to achieve these objectives, some basic <br /> principles must be implemented. <br /> 1 A consistent frame of reference. Uniformity is <br /> important because there is a need to relate <br /> estimates and cost information, which occur at <br /> different times, in a consistent manner <br /> (reconciliations with original budgets and previous <br /> estimates and forecasts are generally required). <br /> Also, a standard framework is needed within which <br /> cost data can be assembled and developed, in order <br /> that such data can be related to other comparable <br /> projects and can be easily retrieved for estimating <br /> purposes. <br /> 2 A realistic budget (program stage). As stated <br /> earlier, the budget from the outset must adequately <br /> reflect the project's required scope, quality and <br /> performance levels and the implementation time <br /> frame. The budget must be accepted as being <br /> • reasonably achievable by the project team. <br /> 3 A cost plan (schematic stage). The keystone of <br /> a cost control system is called a cost plan, which <br /> is based on the accepted project budget. Within the <br /> chosen frame of reference, the cost plan sets out <br /> cost targets for each component or "element" of the <br /> project, the sum of which must total. the over all <br /> construction cost limit. <br /> • <br /> 11 <br />