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How to prevent cost overruns on your project

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Reference no: EM13878740

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 https://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?

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Reference no: EM13878740

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