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What steps do you take to keep a project within budget?
User Submitted Interview Answers
I will investigate the sources of the project of being over budget: due to internal estimating e, or job site issues (
Continually forecast the budget. A project run without frequent budget management and reforecasting will likely be headed for failure. Why? Because frequent budget oversight prevents the budget from getting too far out of hand. A 10 percent budget overrun is far easier to correct than a 50 percent overrun. Your chances of keeping the project on track with frequent review of the budget plan is far greater than if you forecast it once and forget about it.
I tried to do a cost analysis and give first priority on major items while reducing or cost cutting on other expenses to enable adapt to the actual budget.
Actually I will try to follow the following procedure: - control & monitoring my expenses - trying to maximize the benefit of the goods. - coordinate with the project manager to make our workers happy to raise them producer to finish the job before the planning time - I will try to find alternative materials with low price complying to the project specs.
Analyze cost, understand reason for increase, find lean processes to reduce costs.
In this case I am going to write report abut insufficient budget for implementation of this project to finance manager and project manger.
I first review the situation on ground as in reasons for the variations. I compare the budget with the actual and investigate the factors for the variations. I ensured effective cost control and agree price with vendors ahead of time.
Stakeholders meetings should be held to handle overly budgets. scale down on the items budgeted.
Monitor your budget and seek approval for requests are not budgeted for.
Work with project staff to ensure obligations and expected expenses are within scope.