Small Budgets Are Normal
Most project managers could probably count on one hand all of the times they have been satisfied with the size of their budget. Most of the time, running a cost effective project is much easier said than done. However, Cobalt offers four tips to keep you on track and on budget.
Go Virtual When Possible
When possible, using technology instead of traveling is the first tip to cutting your costs. Taking transportation, food, and lodging out of the equation leaves more money for the project itself. In today's world, video calls and meetings are easier to set up and work into everyone's hectic schedule. Video calls may not be as fun as traveling, but it is certainly more cost effective.
Using a virtual team is another suggestion to save your budget:
I am pleased to see that it is something which now seems to have become more accepted. It is clear that there are some jobs which are absolutely ideal for you to farm out to foreign workers while there might be some which you want to keep closer to your home base. It is a form of working which can be difficult to get used to the first time you try it but which can end up making your life a lot easier.
Delays Will Come: Be Prepared
Avoiding delays is easier said than done. A major delay can completely ruin the budget you have in place. Of course, not every delay can be foreseen even with the best of planning. The earlier you assess how much a delay will cost you, the more likely you are to avoid further delays and budget slip ups. Planning well is the fourth and final step to maintaining your budget. The step seems to be included in the three previous steps, which stands to reason that no amount of work can make up for poor planning. When you plan your budget from the start, you will be able to deal with any issues more smoothly. Furthermore, you will have a better idea if the initial budget is realistic or not. Running a cost effective project is not the simplest task, but with a little know how and a strong plan you can get it done successfully.
Read the full article here: http://cobaltpm.com/how-to-run-a-more-cost-effective-project/