Project Management

How to Cut Project Costs but Not Efficiency

The message to project managers is usually clear: your budget is small, so cut costs. But slicing your budget could cost the project in other areas. To keep the work on track, while still saving money, Susan Peterson of suggests three ways to keep your projects successful.

First, find the right people for the project. This doesn’t have to mean hiring someone expensive, but it does sometimes mean waiting until the right person becomes available. It might be hard to wait for someone in high demand, but in the long term, this teammate can still deliver what you need in a fraction of the time. Thus, saving you money.

Second, don’t expect to do “everything.” Look at your project plan early on and decide what can be eliminated without damaging the final product. If you spread yourself too thin, you’ll end up going overschedule and over budget.

Finally, don’t expect to “fix it later.” If you’re putting something together that will only work temporarily, this will cost you more in the future. Take the time to do things correctly, even if it takes more time. It might not always be possible to save time and money. In that case, you need to choose your battles accordingly. 

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