Do you agree or disagree with the statement on prevent cost turnove, why or why not?

PREVENT COST OVERRUNS

Cost overrun is a term used when there is a significant change in the project budget that would increase the total project cost. This often happens by underestimating the costs of a project when providing the quote, scope creep, poor risk management and lack of communication.

A project must be thoroughly outlined and all costs associated with the project should be estimated before creating the budget. Some buffer should be built in as well. The scope must also be well defined in order to prevent additional tasks from popping up that weren't planned for, or scope creep. This can delay the project and cause it to go over budget. A risk management plan should also be put in place to prevent risks from needing to be corrected lated, which will also increase the budget. Lack of communication from the project manager is a large factor in adding costs. The project manager is the person that is the go between for all departments; this person must be on top of what is happening in all areas of the project. So poor communication can lead to department failures that could have been prevented.

Sources:

Landau, Peter. "7 Tips for Preventing Cost Overrun on Projects." ProjectManager, ProjectManager, 1 July 2022, https://www.projectmanager.com/blog/7-tips-for-preventing-cost-overrun-on-projects.