What are the top 3 reasons construction projects go over budget?
1) Projects have budgets and working in teams often disperses that responsibility. One person has to own the budget. One person needs to be accountable for the budget and provide regular updates to the client and team members.
2) Unclear project scope and goals. Project scopes need to be well defined and understood by all parties. No one wants a runaway project.
3) Poor estimates or downplaying the amount of work that needs to go into a project. Subcontractors might be undercutting their price but their work may be poor quality or they underestimated the project scope.
As seasoned Project Managers, we have a variety of risk mitigation strategies to ensure that your project stays on schedule and budget.