Imagine you are a project manager in charge of a large IT project. The project is halfway through, and you have just realized that the costs significantly exceed the budget. Your initial estimates were based on the Definitive Estimate method. However, unexpected technical difficulties and changes in project scope have led to increased expenses.

A$.$ How would you apply project cost management principles to keep this project on track?

B$.$ Discuss specific strategies and tools you would use to re$-$evaluate the project budget and manage the cost variance effectively.

 

Answer rating: 100% (QA)

A Applying Project Cost Management Principles 1Identify the Issue Conduct a thorough analysis to identify the specific areas where costs have exceeded ... View the full answer