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6 Tips for Completing your Projects on Time and on Budget

6 Tips for Completing your Projects on Time and on Budget

With the current climate, organisations are facing difficult times where they must deliver projects within a pre-determined timescale and budget.

They are consistently looking for ways to achieve these targets however the issue of overspending and late deadlines are never too far away. It has been noted that as high as two-thirds of projects fail to reach the initial expectations set. So how do you avoid falling into this trap and get your Project completed on Time and on Budget?

1. Details, Details, Details:

Examine the details of the projects right down to the small ones that may not seem important at the beginning. Although it will be a tedious task this step will stand for the rest of the project and ensure that you can estimate your resource, budget, and deadline needs. So take the time as a team and get your projects off to the right start.
Tried and tested: Don’t try out a new way of management on a project that has the potential to have budget and time issues. In order to achieve your objective, it is always advisable to go with the tried and tested project management practice that is deeply embedded into your organization’s project team and culture.

2. Your Team:

Having a strong, experienced team with a common vision behind you will stand to you throughout your project including its budget and timeline. A strong team will be motivated to achieve the expectations set as they have the experience to deal with any issues that may arise. It is important to manage the team correctly to ensure that you are making the most of this invaluable asset.

3. Updates:

Don’t wait till the end of the project to examine it. Have regular update meetings with all involved and examine in depth the point at which the project is currently. Any potential issues that may jeopardize the end result will be highlighted and a possible solution can be put in place. This will also help with the future direction of the project and make the overall objective clearer.
Get an expert: Hire or appoint an expert in the field that is related to the project. Their expertise will help with the smooth running of the project. Any technical concerns will be addressed promptly without using any valuable time.

4. Break it down:

If you are finding that big projects always manage to raise some horrors from its inner depths then perhaps you need to look at this alternative. Now keeping in mind this is not always an options but where possible breaking a big project into smaller projects should help with the visibility of the entire project. By breaking it down into sections you should be able to see the project a lot clearer. This in turn should help with the threat of time delays and under-budgeting.

5. Change:

Don’t allow change to control your projects. The main culprit behind changes is scope creep. Scope creep is one of the main reasons why budgets are overshot and time delays take place. To avoid this situation coming to light it is essential that change is controlled tightly – an approval process should be in place to action such changes.

6. Learn:

You will never have a project where you can sit back and say “I wouldn’t change anything”, there will always be room for improvement. Taking these lessons learned and applying them to future projects is good practice moving forward.

These simple tips. if implemented correctly. have the ability to get your projects to the finish line without going over the initial deadline and budget. Precision like this will hold great benefits for the organization around customer satisfaction, future contracts, and overall project quality. With this strong backbone, your organization can stand tall among its competitors. So don’t wait any longer – take these tips now and put them into action and reap the benefits.

See how Cora can help complete your projects on time and on a budget back watching a tour of the platform here.