Lead Successful Projects by Antonio Nieto-Rodriguez

Author:Antonio Nieto-Rodriguez
Language: eng
Format: epub
ISBN: 9780241395486
Publisher: Penguin Books Ltd
Published: 2019-09-25T16:00:00+00:00

How to put Principle #5 into practice

The budget is derived directly from the scope of the project and the urgency to deliver. The more detailed the scope and the more fixed it is, the more accurately the budget will be estimated. To reduce the risk of budget overruns, never allocate the total amount of the budget to the project at the beginning. Break it down into portions. Establish quarterly review cycles to check status and budget consumption. If the project’s original business case is still valid, release another portion of budget. If the project is having major problems, ignore sunk costs and seriously consider cancelling it.

Principle #5 highlights the importance of tempering ambition with realism. Here are some tools to use, to get you started.

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