Question

Express one particular cost issue that you have seen as a project manager or team member that affected the project either positively or negatively. Clearly identify what was done to rectify the issue and describe the impact to the project.

Answer 1

Answer:

one particular cost issue that I noticed as a team manger is the inability to keep our budget in line due to additional costs that kept coming up intermittently. This cost issue almost cost us the entire project.

Explanation:

At the execution phase of the project I was managing, additional costs that needed immediate attention drove us to emergency mode at a point with a huge budget overrun that pushed us to the brink of project shutdown.

To rectify the issue, I called for  a meeting with my team and the following steps were taken

1. we extended the time for the completion of the project.
2. Requested for the services of a professional accountant to prepare a comprehensive budget that will give cater for emergencies.
3. We developed good processes and habits will help significantly reduce the likelihood that your project budget will turn into a catastrophe such as weekly reviews.