We recognize there are a variety of reasons that projects go over budget but we have listed below the three most common overrun project breakers.
- Projects have budgets and working in teams often disperses that responsibility. Once 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.
- Unclear project scope and goals. Project scopes need to be well defined and understood by all parties. No one wants a runaway project.
- 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 and they underestimated the project scope.
As seasoned Project Managers at Bolson Engineering, we have a variety risk mitigation strategies to ensure that our client’s project stays on schedule and budget.