Economic ups and downs are inevitable. Whether you’re running a portfolio, program, or project, the pressure to reduce costs and streamline initiatives can be fierce in times of financial strain. Yet, history shows that an economic downturn can be a springboard to innovation and a catalyst for strategic realignment. If you’re experiencing budget cuts or […]
Tag: project budget
Project Cost Overruns – Reasons, How to Prevent and Manage
Companies initiate projects for several reasons. In a medium to large size organization, several departments might be working on different projects. The Project Management Office, also known as PMO, manages the initiation, execution, and successful project delivery in an organization. However, regardless of the influence of the PMO, project cost overruns are inevitable events that […]
2 Concepts Of Cost Management: Value Engineering & Life Cycle Costing
As defined in PMI Certification training, Cost Management is all about defining the necessary budget for executing the project. Its objective is to monitor and control the project costs to match the approved budget. So that’s why life cycle costing and value engineering are two important concepts in cost management. Attend our 100% Online & Self-Paced […]
4 Main Processes of Cost Management
Cost Management is a really important one among all the project management knowledge areas. There are several activities in a project, several project resources work on project activities and several materials, tool and equipment are used to complete the project scope. All these require a budget to be allocated. Because you need to purchase tools, […]
6 Items to Include in Cost Management Plan
Cost Management is one of the 10 project management knowledge areas and it involves necessary processes to finish the project within the approved budget. Its aim is described in PMP courses as “to define the necessary budget to execute the project and its aim is to monitor and control the project costs to match the approved […]