Optimizing Project Costs While Maintaining Scope

  Cost Management   Knowledge Shelf  

The relationship between time, scope, and cost is often referred to as the Triple Constraint. Often, if the planned costs do not meet project budget, the project manager will change the scope or finish date of the project to meet the budget constraints. Occasionally, however, it is possible for the project manager and the project team to develop creative means by which to adhere to the budget and still meet the project timeline and implement the original scope. Particularly in today’s difficult economic times, companies are often caught in a dichotomy of trying to launch projects in the quest to be competitive while also trying to cut overall enterprise costs.

This article is based on an actual project from a Fortune 500 company that was launched successfully in 2009. The project underwent major budget reductions while its original scope and time schedule were preserved. This article describes a broad set of project management activities that the project team managed throughout the project life cycle while reducing overall project costs and maintaining the integrity of the project.

There are several creative plans that the project team can embark upon to reduce project costs while keeping the original project scope intact and adhering to the original schedule.

Optimize the Project Plan to Look for Opportunities to Reduce Redundancies and Costs

The …

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