Introduction For projects to run smoothly and experience minimal costs and risks, managers need to ensure that they operate within the provided scope, time, and budget. The essence of abiding by the scope, time, and budget transpires because several projects fail to achieve their goals due to issues regarding overruns in costs, delays, or failure to match the required scope. Therefore, by abiding with scope, time, and budget, managers minimize the problems and risks associated with project management and cost overruns. It is paramount to note that when managers fail to align themselves within the project requirements, the project can exceed the budget, extend beyond the provided timeframe, or experience scope variance. Imperatively, cost overruns, extended timeframe, and scope variance are factors that increase the risks associated with the project in question. It is within this context that the paper examines cost control techniques in project environments using the operating cycle, budgeting, earned value measurement systems, and recommends solutions that address cost overruns. Investigation on the Operating Cycle and Budgeting Projects have an operating cycle that focuses on the attainment of the intended goals within the provided timeframes. Excellent projects usually beat timeframes and operate within the provided budgets. Practically, the main factors that managers need to consider when investigating the operating cycle of a project include an introduction, implementation, and assessment. The period that the project takes to commence and progress is among the factors that dictate its operating cycle. According to Flyvbjerg, Holm, and Buhl (2002), the operating cycle of a project usually encompasses aspects such as inception, development, and assessment. As such, in an investigation of the project operating cycle, one needs to check the elements that take place soon after the project commences and asses the progress all through the project’s lifespan. Fundamentally, the period that the project takes to materialize and progress towards its goals and the time when it achieves the desired goals forms the basis of its operating cycle. When managers undertake the right investigation measures on the operating cycle of the project, issues associated with costs and risks become minimal. Another aspect, which is very important in the quest to minimize costs and control the level of expenditure incurred in a project environment, comprises budgeting. A well-defined budget provides a summary of all the vital expenses and requirements that a project will require from its inception to its completion. With a good budget, individuals can come up with projects that have strategic plans, and in turn, meet their goals under minimal expenditure and time. Budgeting entails careful development of policies and strategies that facilitate the efficient progress of a project in a particular environment right from the beginning to its completion. Guo, Li, and Skitmore (2010) assert that when managers develop budgets that provide authentic expenses and time of operation, costs and risks become minimal, and the project is likely to attain its goals on time. Essentially, managers need to factor in uncertainties that can affect the scope, time, and costs required in developing a project and meeting its desired objec