Question

Olaf Gundersen,the CEO of wireless telecom company. Accept the Maximum Megahertz project. What do you do if the when project costs and deadlines escalate drastically?

Answer 1

• PROJECT PLANNING TOOL CAN BE USED TO REDUCE COSTS OVERRUN. THIS WILL INCREASE THE EFFICIENCY OF THE PROJECT AND WOULD ASSIST IN REDUCING THE COSTS.
• SOME SCHEDULING TOOLS CAN HELP TO KEEP THE PROJECT ON RIGHT PATH AND AVOIDING COSTS INCREASE. FOR EXAMPLE GANTT CHARTS.
• THERE SHOULD PROPER FLOW OF COMMUNICATION BETWEEN THE MANAGERS OF THE COMPANY AND THE STAKEHOLDERS. IF THIS IS NOT THERE, DELAYS CANNOT BE ELIMINATED. EVERYTHING WILL FINISH AT WRONG TIME LEADING TO WRONG START OF ANOTHER.
• THE INFORMATIONS SHARED SHOULD BE TO THE POINT, EXACT AND FILTERED. PROVIDE THE REQUIRED INFORMATION TO THE RESPECTIVE PERSONS. EVERY INFORMATION NEED NOT BE PROVIDED. THIS WILL REDUCE THE TIME GAPS.
• KEEP ON MONITORING THE PROGRESS FROM TIME TO TIME TO SEE THE DEVIATIONS AND CORRECT THEM BY TAKING TIMELY ACTIONS.
• YOU CAN ALSO SET TIME STANDARDS SO THAT DELAYS ARE CHECKED.
• IF THERE ARE DELAYS OR COST ESCALATION AFTER TAKING THE ABOVE STEPS ALSO, THEN GO FOR REASSIGNING THE RESOURCES. THIS CAN ALSO INCLUDE ASSEMBLING YOUR TEAM AGAIN WITH NEW AND MORE EXPERIENCED MANPOWER.
• PROPER PLANNING SHOULD BE DONE AGAIN. DO NOT FORGET TO INCLUDERISK MANAGEMENT STRATEGIES FOR UNCERTAIN CONDITIONS.

THESE WERE SOME OF THE TIPS WHICH CAN BE DONE TO AVAOID TIME AND COST ESCALATIONS.