Project Management

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what is the best way to minimize the project cost?

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Nawaf Abdullatif Alabbasi Executive Manager, Facility Management| Bahrain Muharraq, Bahrain

It is very difficult to minimize the project cost that should satisfy the client requirement, specially when your organization is public service. the public have different opinion that makes the requirements more challenge against the project budget.
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Pravin Kumar Shrivastava Associate Vice President| Aithent Technologies Pvt Ltd Gurgaon, Haryana, India
Of course. When you work for Public Service organization, you need to save money and spend wisely on projects. This is part of basic ethics.
Yes it is difficult but you can discuss with your team and organization and decide on cost saving techniques.
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Suhail Iqbal Suhail Iqbal PMIATP CIPM FAAPM MPM MQM CLC CPRM SCT AEC SDC SMC SPOC PRINCE2 MCT| PM Training School Rawalpindi, Punjab, Pakistan
I would say, once the project has been budgeted, there is no real emphasis on reducing cost any further on public projects. I tend to agree that ethically, we must, but actually we don't. The real reason being the reduction is again a change request and we normally do not want to highlight we had over estimated something. Yes, if we spend more, we cannot hide it and it comes out as a change request again. That is exactly the reason why pubic projects are never finished in less than the budgeted amount. To minimize the project cost in public projects, even when you have to go below the budgeted amount, always move a change request, adjust the whole plan and re-connect the project to save money.
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arlene trimble Assistant IT Director| Local Government Alamo, Ca, United States
Stick to the requirements or prioritized backlog by the Project Sponsor/Business Owner. No goldplating. Remove/ minimize muda/waste throughout the project (be it extra people, processes, tools). Have a realistic estimate upfront. Keep your Project Sponsor/Business Owner in the loop at all times in terms of the budget status. As a PM, you need to model LEAN.
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Steven Zachary Director| Alberta Health Services Calgary, Alberta, Canada
Depending on a multitude of factors (lifecycle, culture, methodology...etc), you should focus on scope early.

There is no golden arrow here, the only reprieve is doing a good upfront job is setting expectations and general scope. I recommend checking out context diagrams for a starting point.

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