Managing a complex plant engineering project requires keen oversight to identify and mitigate hidden costs. Start by examining all project components to ensure every expense is accounted for. Here are some strategies to help you uncover hidden costs:

• Conduct thorough risk assessments: Identify potential cost overruns by evaluating project risks and setting aside contingency funds.

• Regularly review contracts and agreements: Ensure all terms are clear and there are no hidden fees or ambiguous clauses that might lead to unexpected expenses.

• Utilize cost tracking software: Implement tools that provide real-time tracking and reporting of expenditures to catch any discrepancies early.

What strategies have worked for you in managing project costs? Share your thoughts.