A system for cost control requires what two items to collect data?

A system for cost control effectively requires a detailed report and a summary report to collect the necessary data. The detailed report provides granular information about expenses, transactions, and specific cost elements, allowing for an in-depth analysis of where funds are being allocated. This level of detail is essential for identifying areas of potential savings or overspending.

On the other hand, the summary report distills this information into a more digestible format, presenting an overview of costs and financial performance at a glance. It enables stakeholders to quickly understand overall trends and assess whether the project is on budget without delving into every detail. Together, these two reporting elements create a comprehensive framework for monitoring and managing costs effectively.

In contrast, the other choices focus on tools or categories that, while potentially useful in a broader context, do not specifically establish the systematic approach needed for cost control, which hinges on the detailed and summarized reporting structure.