control always means steering something. In the financial sense it is the money, in the technical sense a machine. I do not see a difference in the meaning.

Hello Muhammad Imran Majeed ,

Financial controls of a project usually have to do with the costs to the project at certain times in its life cycle, whereas technical controls relate to the degree of technlogical risk inherent in the engineering design approach being used. Examples of financial controls include financial audits and PERT/COST charts, while technical controls relate to the ability of the engineering team to meet the design goals and/or specification requirements, and are usually tracked by plotting things such as achievement to date, technical milestones, etc.

There are many books which discuss these various controls both from a practical (historical) and a theoretical prospective, see,

[1] Harvey M. Sapolsky; The Polaris System Development, Bureaucratic and Programmatic Success in Government; Harvard University Press; 1972. [A historical review of the Polaris missile program.]

[2] Charles S. Wasson; System Analysis, Design, and Development; Wiley-Interscience; 2006. [A theoretical examination of system engineering.]

Regards,

Tom Cuff

Dear Muhammad Imran Majeed ,

Very good question. First of all i am agree with Markus Lienkamp , that there is no difference in the meaning of control in both. Secondly, if we revise the basic concepts of control i.e, to set/achieve target or goal " then it will be easy to understand that the set point of financial control is cost while technical control target the machine. Both cost analyses and machine (system) analyses depends upon a mathematical expression. Examples of financial system are:

1) Demand and supply

2) Spectrum sharing in customer services

The physical setup (machines) and program algorithm used to achieve target cost in both of the above system are called technical control.