Completing your project within budget has unlimited factors that affects the budget, but we can help you and provide a list of the most important terms that directly affect the budget.
1- Accurate cost estimation: Estimating the cost from the beginning can help a lot.
2- Create a realistic budget: Consider unexpected costs and emergency cost and contingency cost.
3- Effective planning: spend some time with your team to create realistic work breakdown structure and invest your effort to create logical relationships. That will help in every aspect of the project.
4- Controlling budget over time: You have to control every dollar you spend in order to know what costs you more and what makes you lose more money with no results.
5- Change management: Consider change management and don’t wait until the cost of solving the problem is more than the cost of the change.
6- Risk management: Studying your project risks and get ready for them to prevent any over budgeting problem.
7- Subcontractors and suppliers’ management: You have to control and monitor your subcontractors and suppliers and manage them closely as they are one of the biggest factors that controls your project budget.
8- Lessons Learned: Study similar previous projects and their lessons learned and create your lessons learned repository along the project duration to avoid repeating your mistakes.
- This reply was modified 1 month, 3 weeks ago by Shrief El Gendy.