The biggest problem when it comes to cost management is miscalculating the cost of a project. This could be caused by multiple different factors, the major one being miscommunication. Miscommunication within the project team or miscommunication between the team and the stakeholders leads to confusion about the project
which makes it harder to calculate the proper cost of each part in the project. It is important to try maintain communication of all members of a project to avoid this. The costs need to be correctly calculated so that the budget can be dispersed to the right parts of the project so that every part has enough money to complete the task.
Another problem that could arise with cost management is change that happen to the project. It is important to factor into the cost of a project potential changes to the project. Any changes to a project will change the cost of it, if you have the budget too thin on the project you might not be able to afford unexpected changes that could benefit the project. To avoid complications from this just make sure to set aside part of the budget for changes.
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