How to make Project Cost Management effective...

A Good Cost Accouting Management Information System..!!

To manage cost, first you have to use an MIS which tracks and depicts the cost booked in the project as on date, accurately and in details under various cost heads freezed by your management for monitoring purposes.
Forecasting and other management techniques shall be of no use if the cost booked figure in hand in not accurate enough to make decisions effectively.
Hence it goes with the saying that, "If you know and understand your past well then you shall be in a position to rightly predict the future course".