Ques:- Your three month project is about to exceed the projected budget after the first month. What steps will you take to address the potential cost overrun?
Asked In :-
Principal Global Services, Vanderlande Industries, POPCORNAPPS SOFTWARE PVT, Agreeya Solutions India, Healthians, INAPP INFORMATION TECHNOLOGIES INDIA PVT, CBRE South Asia, Apttus Software, ProPhoenix Technologies, Winshuttle Software (India),
Right Answer:
1. Analyze the budget to identify the specific areas causing the overrun.
2. Review project scope and deliverables to determine if any adjustments can be made.
3. Communicate with the team to gather insights and suggestions for cost-saving measures.
4. Prioritize tasks and resources to focus on critical deliverables.
5. Explore options for reducing costs, such as negotiating with vendors or reallocating resources.
6. Update stakeholders on the situation and discuss potential solutions or adjustments to the budget.
7. Implement a revised budget plan and monitor expenses closely moving forward.
1. Analyze the budget to identify the specific areas causing the overrun.
2. Review project scope and deliverables to determine if any adjustments can be made.
3. Communicate with the team to gather insights and suggestions for cost-saving measures.
4. Prioritize tasks and resources to focus on critical deliverables.
5. Explore options for reducing costs, such as negotiating with vendors or reallocating resources.
6. Update stakeholders on the situation and discuss potential solutions or adjustments to the budget.
7. Implement a revised budget plan and monitor expenses closely moving forward.