3 ways to Reduce Project Management Costs

3 ways to Reduce Project Management Costs

Managing and Optimizing project budget is a continuous process.

Read time: 3 minutes

Today’s newsletter at a Glance:

?? Quote of the Week

?? Effective Stakeholder Engagement

?? 3 ways to Reduce Project Management Costs

?? Quote of the Week

“Expect the best, plan for the worst, and prepare to be surprised.” – Denis Waitley

?? Effective Stakeholder Engagement

Junior Project Manager Traits

?? Effective Stakeholder Engagement

? Stakeholder engagement is about knowing who your stakeholders are, understanding them and knowing how best to involve them in your business.

? Stakeholder engagement and management involves taking into consideration the different interests and values stakeholders have and addressing them throughout the project.

Benefits:

? Developing an understanding of stakeholder expectations

? Involve them early

? Consistent and clear communication

? They can assist in improving delivery

? They can act as a bridge to other organisations

? Effective stakeholder management has no real beginning and end – it should be an ongoing activity built into everyday work

? Stakeholder management must be a key part of any communications plan and this toolkit will help you and your teams put together effective plans.

?? 3 ways to Reduce Project Management Costs

Managing and Optimizing project budget is a continuous process.

As a Project Manager you have to avoid cost overruns.

Here are 3 ways which you can implement on any project:

1. Identify and assign the "right"resources in the beginning of the project. You need the right experts to ensure you have a realistic plan.
2. Cost-effective global resources Leverage matrix organization for highly skilled resources. This will help in reducing project resource cost, without compromising quality.
3. Rigorous tracking of forecasts and actuals Costs needs to be controlled. Finances should be tracked to avoid budget overruns.

I plan to share more Project Cost Reduction Tips in the upcoming weeks and also on my weekly newsletter.