If a project goes wildly over-budget (as they often do), it will not be considered a success, even if it's delivered on time and meets end users' needs. That's why project managers need to meticulously manage their budgets. Here are four strategies for maintaining control of your project budget and preventing massive cost overruns.
It's always painful to lose resources during a project. Just when the momentum is building and the entire project team seems to be operating as one unit, a more critical initiative comes up and management decides they need your technical lead and one of your key developers. Ouch! Talk about throwing a wrench in your finely-tuned project management machinery.
Project Managers need to manage every aspect of the projects they oversee, from resources and suppliers to project costs and equipment. The trick to staying on top of everything is to focus on the five most important goals associated with project management. If you can meet the following five goals for each project, you will achieve project and professional success.