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Definition: Cost tracking is a technique for comparing budgeted versus actual costs on categories of project activities, and line items within each of the categories.

Acceptance Level:  Generally accepted

Alternative or Related Terms: None

Application Areas/Intended Uses: Cost tracking is a tool or technique used in cost control.

Chief Advantages: Cost tracking tools, such as cost tracking sheets or software, permit a visual representation of the comparison between budgeted time and expenditures versus actual time and expenditures on any line item within the project.