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How to prevent cost overruns on your project
Course:- Project Management
Reference No.:- EM13878740




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Question:

This activity will provide you with an opportunity to share your thoughts on one of the prevalent project management topics. The class interaction will foster a learning environment where you will learn from each other's experiences and opinions. In addition, you will practice speaking the project management lingo and expressing your opinions in a professional manner.

Before you begin this discussion, be sure to:

Read the following:

. Gido, J., & Clements, J. P. (2012). Successful project management. Mason, OH: South-Western Cengage Learning.
o Chapter 9: Closing the Project

View the following:

. PowerPoint presentation:
o Chapter 9: Closing the Project

Conduct research online to find out why cost overruns occur on projects.

To conduct your research, you can refer to:

. Cost overrun (n.d.). Retrieved from http://en.wikipedia.org/wiki/Cost_overrun
. allpm.com (n.d.). Retrieved from www.allpm.com

Additional research can be conducted by utilizing your favorite browser and using keyword searches such as reasons for cost overruns.

Based on the following statement, respond to the questions below:

There is an expression in the project management field: The project would not have been started if the truth had been told about the cost and timescale. Despite the efforts of project managers, projects often have large cost overruns.

. What measures would you take in order to prevent cost overruns on your project?

. What types of cost overruns do you think would be most challenging to prevent?

. Do you think that cost is often underestimated because of a fear that the project would never be started if truth were told about the estimated cost ahead of time?

Answered:-

Verified Expert


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Inspite of best estimations and considerations to the professional opinions, project often go cost overruns. Unfortunately it is also true that several projects would not have been started if the real costs and real times are informed in advance. But this cannot be an ethical practice to hide the facts and let the project start. I believe the true project management professional should ensure that right information is presented after verification from all the possible sources. I would like to emphasize more on the project planning phase to ensure accuracy and precision in project estimations, secondly vendor and other subcontractors capabilities will be verified, their back ground check as well as past performance will be critically verified before actually delegating the work to them, To maintain stringent project controls and stringent approvals for project scope extension, to adhere to the schedules and to be in phase with all the stake holders through effective communication - are some of the several measures that I would take up to ensure that the project do not go cost overrun(Jackson,2002).




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