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What are the factors lead the project to cost over- run ? What is the appropriate remedy to eliminate the cost overrun ?

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Question added by Dr SAEB SHEIKH ALI , PROPERTY DEVELOPMENT , MAG
Date Posted: 2018/10/16
Amer Alshami
by Amer Alshami , محاسب و محصل مالي , مؤسسة السيد بطيبط التجارية

factors  lead to exceeding the cost of a project? - Set the high standards during the establishment of a project, But it may cost you a lot. - The longer the duration of the project, the greater the expenditure.   • Proper treatment methods for not exceeding cost?  - Budget management and prioritization The irrational management of the project can be counterproductive  It could strain the budget and exceed expenditures. - You will need to develop a budget plan as an initial step ,, This step can be considered part of the preparation of the feasibility study.   Manage  project schedule in addition to monitoring and controlling the project budget, There should always be area for adjustments ... because the costs may not remain as they were during the project period but within the limits of the budget.   - Reduce a lot of expenses that do not affect the process of incorporation. - Employ people who have a simple experience as a start. - Use less expensive resources. - Ensure that the time to launch the project is appropriate.

HASSIB SALEH
by HASSIB SALEH

1. Pay a lot of attention to project planning 2. Check a vendor’s capabilities before hiring 3. Attempt to stay within the scope that was originally planned 4. Use good scheduling tools & charts 5. Make sure the stakeholders in the project are on the same page 6. Constantly track and measure the progress

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