Controlling Project Costs: Anticipating and Planning for Contingencies

Bill Carmody emphasizes the importance of controlling project costs by investing time in upfront planning. He advocates for anticipating potential issues and creating contingencies before starting a project. By thinking strategically and considering various scenarios, project managers can better manage resources and minimize disruptions. Once a project is underway, it's crucial to control changes and ensure that initial plans are followed. This proactive approach allows for smoother project execution and cost management.

What is the key strategy to control project costs according to the first section?

• Reducing project scope

• Hiring more team members

• Cutting costs during execution

• Spending more time upfront in planning

How does the speaker suggest you should think to control project costs effectively?

• Like a sprinter focusing on the next step

• Like a painter focusing on the details

• Like a chef preparing a meal

• Like a chess grandmaster thinking several moves ahead

What is a recommended approach when someone proposes a new idea during project execution?

• Ignore the suggestion

• Immediately implement the idea

• Push back and evaluate its impact

• Delay the project to accommodate the idea

What should you do to ensure a project is completed as proposed?

• Streamline upfront decisions

• Increase the project budget

• Add more resources

• Reduce the project timeline

Why is it difficult to control project costs during execution?

• Because the budget is too limited

• Because the team is not skilled enough

• Because the project scope is too large

• Because life is unpredictable and unexpected events occur