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How can you reduce project costs with EPM?

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Project costs can quickly spiral out of control if you don't have a clear plan, scope, and budget. EPM, or enterprise project management, is a method of managing multiple projects across an organization using a common framework, tools, and processes. EPM can help you reduce project costs by improving efficiency, visibility, and alignment. Here are some ways you can use EPM to save money on your projects.

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1 Define your project objectives and scope

One of the main causes of project overruns is scope creep, or the tendency to add more features, requirements, or tasks to a project without adjusting the time, cost, or resources. EPM can help you avoid scope creep by defining your project objectives and scope clearly and consistently across all stakeholders. By using a standardized template, methodology, and governance structure, you can ensure that everyone understands the project goals, deliverables, and boundaries. This can also help you prioritize the most important and valuable aspects of your project and avoid unnecessary or low-impact work.

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Dr. Naheed Khan??

Achieve Work-Life Harmony | Army Medalist Turned Productivity Expert | Award-Winning Coach & Author | Founder - Smartnatives | Connect for Breakthrough Results!
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Define project objectives and scope by outlining the desired outcomes, deliverables, timelines, and constraints. Clearly articulate the purpose, goals, and success criteria to guide project planning and execution. Ensure alignment with stakeholder expectations and project requirements to avoid scope creep and maintain focus on achieving defined objectives within specified boundaries. Regularly review and refine objectives and scope as needed to adapt to changing circumstances and ensure project success.

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2 Track and control your project budget

Another key factor that affects project costs is the ability to track and control your project budget. EPM can help you monitor your project expenses and revenues using a centralized dashboard, reporting system, and accounting software. You can also use EPM to forecast your project cash flow, identify and mitigate risks , and adjust your budget accordingly. By having a clear and accurate picture of your project financials, you can make informed decisions and optimize your resource allocation.

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3 Collaborate and communicate effectively

A third way that EPM can help you reduce project costs is by enhancing your collaboration and communication with your project team, sponsors, and customers. EPM can help you establish a common platform, language, and culture for your project communication. You can use EPM tools to share information, documents, and feedback in real time, as well as to coordinate tasks, schedules, and milestones. By improving your project communication, you can reduce errors, delays, and misunderstandings that can lead to rework, conflicts, and dissatisfaction.

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Dr. Naheed Khan??

Achieve Work-Life Harmony | Army Medalist Turned Productivity Expert | Award-Winning Coach & Author | Founder - Smartnatives | Connect for Breakthrough Results!
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To collaborate and communicate effectively, establish open channels for sharing information, ideas, and feedback. Foster a culture of transparency, trust, and active listening among team members. Utilize collaboration tools, such as project management software or video conferencing platforms, to facilitate real-time communication and document sharing. Encourage diverse perspectives, encourage participation, and resolve conflicts constructively to enhance collaboration and achieve common goals. Regularly update stakeholders on progress, challenges, and decisions to ensure alignment and maintain engagement throughout the project lifecycle.

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4 Learn and improve continuously

A final way that EPM can help you reduce project costs is by enabling you to learn and improve from your project experiences. EPM can help you capture and analyze your project data, metrics, and lessons learned using a systematic and consistent approach. You can use EPM to evaluate your project performance, identify best practices and areas for improvement, and implement changes and recommendations. By applying your project learnings, you can increase your project quality, efficiency, and effectiveness, as well as your organizational maturity and capability.

EPM is a powerful and practical way to manage your projects and reduce your project costs. By using EPM, you can define your project objectives and scope, track and control your project budget, collaborate and communicate effectively, and learn and improve continuously. EPM can help you deliver your projects on time, on budget, and on value.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you reduce project costs with EPM?

1

2

3

4

5

1 Define your project objectives and scope

2 Track and control your project budget

3 Collaborate and communicate effectively

4 Learn and improve continuously

5 Here’s what else to consider

Business Administration

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How can you reduce project costs with EPM?

1

2

3

4

5

1 Define your project objectives and scope

2 Track and control your project budget

3 Collaborate and communicate effectively

4 Learn and improve continuously

5 Here’s what else to consider

Business Administration

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