【正文】 othing to do with themselves. In the process of carrying out a project, they usually only focus on quality control and progress control, while they ignore control over investment in construction projects. If technicians ignore construction cost, and those who are in charge of construction cost have no knowledge in relevant technical construction connected with construction cost, then it is difficult for them to reasonably confirm and effectively control construction cost. Construction supervision investment control refers to managerial activities at the whole implementation state of the project, which attempts to guarantee realization of project investment targets with the premise of satisfying quality and progress. Investment targets are set at different stages with further progress of construction practice, and construction cost control runs through 外文翻譯（譯文） 9 the entire process of project construction, but it should give prominence to the key points. Obviously, the key of construction cost control lies in investment decisionmaking and design stage before the construction, while after the investment decision is made, the key lies in the design. Life cycle of construction project includes construction cost and recurrent expenditure after the construction project is put into service, and discard and removal costs etc after usage period of the project. According to analysis of some western countries, usually design cost only amounts to less than 1% of life cycle of construction project. However, it is the cost of less than 1% that accounts for more than 75% of influences on construction cost. It is therefore obvious that, design quality is vital to benefits of the entire project construction. For a long time, construction cost control of the preliminary engineering of project construction has been ignored in China, while the primary energy of controlling construction cost has been focused upon auditing working drawing estimate, settling construction cost and settling itemized account during construction. Although this has its effect, after all, this had no difference from taking precautions after suffering a loss and getting half the result with twice the efforts. In order to effectively control construction cost, the emphasis of control should be firmly transferred to preliminary construction stage. At present, we should take all pains to grasp this significant stage so as to achieve maximum results with little effort. This article aims to analyze existing issues in cost control of the entire construction period through study on theoretical methods and practice of construction cost management. Especially, issues in cost control in the earlier period of construction deserve our research, so that we can explore corresponding reform measures to offer some references for construction project cost control. The situation of a construction project in which budgetary estimate exceeds estimation, budget exceeds budgetary estimate, and settlement exceeds budget, is a universal phenomenon in investment in fixed assets in China. Construction cost which is out of control adds to investment pressure, increases construction cost, reduces investment profit, affects investment decisionmaking, and, to a great extent, wastes the national finance, so it is likely to result in corruption or offence. Since the middle of 1950s, on the basis of summarizing practical experiences of fundamental construction battle line for several decades, we have conducted a series of reforms in construction field. Especially since May 外文翻譯（譯文） 10 1988, we have gradually implemented the system of construction supervision all over the country, which has had some positive effects upon reversing the phenomenon of losing control of a construction project in the implementation period. However, because that system is still in its starting stage, there hasn’t appeared a large batch of professional and socialized supervision teams. In addition, in projects in which construction supervision is carried out, there exist general phenomena, such as “emphasis on quality control at the construction stage and neglect of investment control”, and “emphasis on technical aspects of supervision and neglect of economic aspects of supervision”. In reality, rights of supervision tend to be confined to management of technical aspects, while management of economic aspects is firmly in control of proprietors. Meanwhile, lagging behind of existing construction cost management system is the primary cause for losing control of construction cost. Therefore, as a whole, the phenomenon of losing control over construction project cost is still quite serious, so it is necessary to conduct further study and make further analysis on major factors of current construction cost management and factors at all stages of a construction project that affect construction cost. 2. Primary study content Aiming at the subject of “control of wholeprocess of construction project cost”, and based on lots of literature reviews about determination and control of construction project cost both at home and abroad, the author of this paper has collected extensively some relevant provincial and city reports and data after investigation. Afterwards, the author conducts the following work. 1) To analyze formulation of construction project investment and to find out primary reasons for losing control over construction cost at all stages of a construction project. 2) To study and analyze status quo and existing issues of current construction cost management, and study influences of these issues upon determination and control of a construction cost. 3) To put forward effective approaches and methods as well application of value engineering of a construction project from its decisionmaking stage, design stage, construction sta