From the course: Project Management: Energy and Water Projects
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Budget overruns
From the course: Project Management: Energy and Water Projects
Budget overruns
- Ever embarked on a journey with a full tank of gas only to realize midway, you're running low? In the realm of energy and water projects, this scenario echoes in the form of budget overruns. Let's navigate the twist and turns of a budget and explore strategies to prevent and manage these overruns. Budget overruns in simple terms are when project costs exceed the planned budget. Imagine planning a feast based on a budget and then realizing you've invited more guests than you can feed. In our projects, such overruns can mean delays, compromises, or even halts. So how can we steer clear of these financial potholes? First, detailed planning. A thorough and realistic initial budgeting phase considering all potential costs is the first line of defense. It's like packing an extra snack for a long journey, just in case. Second, regular monitoring. Keeping a close eye on expenditures, much like checking the fuel gauge during the drive, ensures you spot deviations early and can take…
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