How to Anticipate Future Budget Challenges to Your Project

The video tutorial discusses the importance of anticipating budget challenges in project management. It identifies six major causes of budget challenges, including changing requirements, new stakeholders, price changes, new risks, issues, and human error. The tutorial explains how to spot these challenges using leading indicators such as monitoring expenditure and risk registers. It also outlines strategies to manage budget challenges by considering the four constraints: time, cost, quality, and scope, and suggests value engineering as a potential solution.

What role does stakeholder engagement play in managing budget challenges?

How can changes in prices affect a project's budget?

What does the term 'value engineering' refer to in the context of budget management?