Can Significantly Slash Enterprise Costs and Ensure timely Handover
Of course, we also have to factor in some assumptions and variables that may affect the project cost. We likewise have to identify possibility of their occurrence and the appropriate response. This essential risk analysis helps the project team come up with a contingency value that will be included in the project budget. Taking all of these into consideration, we can then also establish a confidence level for the computed project cost
With project budget set correctly, we can proceed to PM practices that will enable the team to closely follow the budget. One effective budget management technique we espouse is ‘earned value management’, which associates the project budget with the project plan to determine how and when the budget will be pent
