Describe the role of 'Financial Control' in project management.

The role of 'Financial Control' in project management primarily focuses on regulating expenditures within budget. This function is vital to ensure that a project stays within its allocated financial resources and adheres to budgetary constraints. Effective financial control involves continuous monitoring of spending and comparing it against the approved budget. It encompasses activities such as tracking costs, forecasting future financial needs, and implementing corrective actions when variances occur. By maintaining stringent financial oversight, project managers can enhance the likelihood of project success and prevent cost overruns, which can derail project objectives.

This emphasis on budget adherence helps in promoting financial accountability and enables decision-makers to allocate resources effectively throughout the project lifecycle. In addition, sound financial control informs strategic adjustments and enhances the overall financial health of the project.