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7 Tips For Preventing Cost Overrun On Projects

Author: 
Peter Landau
Publication date:
June 17, 2022
Article Summary: 

7 Tips For Preventing Cost Overrun On Projects

Cost overrun is a major issue in project management, as it can lead to unexpected costs exceeding a project budget. It can occur in any project, but is particularly common in construction, manufacturing and software development projects. The main causes of cost overrun are bad project estimates and project constraints such as time, scope, risk and quality. It is important to avoid this issue and deliver projects on time and under budget. Project managers must use tools such as historical data or a panel of experts to define project costs to prevent scope creep and poor risk management. Lack of communication can lead to unexpected changes to the project plan or prompt other issues that could cause cost overrun.

Keywords: 

cost overrun, risk management, cost overrun definition, what causes cost overrun in project management, project timeline control, cost overrun example

Source Citation: 
Peter Landau
7 Tips For Preventing Cost Overrun On Projects
June 17, 2022
https://www.projectmanager.com/blog/7-tips-for-preventing-cost-overrun-on-projects
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