The earned value management is a leading technique in monitoring and analyzing project performance and project progress. To fill the gap of limited researches for studying factors inhibiting the ability of contractors to effectively control their projects, a survey was conducted on 22 construction project organizations. It was noted that most project managers and contractors in Egypt find difficulty in controlling project costs due to problems which include Change order, Changes in the design, Errors in the design, current economic situation deterioration, Delay project and Rising prices of materials. Main objectives of this paper are; 1) Identify and prioritize main problems for lack of techniques which cause poor management of cost control with poor site organization and inadequate supervision. 2) Demonstrate the modified Activity Based Costing system as best choices for cost accounting approach for determining construction project accurate cost. To improve capital project cost schedule and predictability using project control system for monitoring and predicting the construction project outcomes. The detailed scope of control systems must base on complexity, size and sensitivity strategy of studied project.