Job cost is necessary
Actual labor, material, equipment, subcontract, and other coded cost are foundational. A project review cannot ignore the accounting record.
But cost does not explain the commercial side
A clean cost report does not show whether scope grew, a change is pending, approved revenue is unbilled, an allowance moved, or disputed work has a recoverable path.
Commitments matter before invoices arrive
Open purchase orders, subcontract balances, pending changes, accruals, and known obligations can change the future cost picture long before actual cost catches up.
Forecast turns history into a decision
Profitability depends on expected final revenue and expected final cost. The review should test whether those expectations are supported by the project record.
Context creates action
The goal is not to replace job cost reporting. It is to connect cost with scope, changes, billing, schedule, and field evidence so management knows why the number moved.