Management Bug: Unrealistic Project Budget

A MngtBug is a problem, cause or impact in a human manager’s decision which produces an incorrect or unexpected result. Every other week we share a little bit of our knowledge base on social media and our newsletter. This week’s MngtBug is…

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Description

This week’s “Unrealistic Project Budget” is usually mentioned as one of the top problems on project management.
By definition, every project needs a budget before it can even be taken up for development. The planning stage is where the budget is set for the duration of the work. If the budget falls short midway through the project, it is a recipe for failure. This means risks were not taken into account for the work and consultations were not held with the right people.

Budget overview meetings must be held from time to time to identify new risks that can happen. The managers must lead from the front for a project so that the workflow is not affected due to budget problems. The new requirements must be valid and show how they can improve the work in the longer run. (extracted from https://www.greycampus.com/blog/project-management/top-seven-reasons-for-project-failure-and-how-to-avoid-them)

Known Associates

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This MngtBug has been mentioned in relation to a number of MngtFixes such as…

“Customer Needs Elicitation”,
“Customer Requirements Definition”,
“Project Quality Definition and Update”,
“Team Building Events Implementation”,
“Project Planning Implementation”,
and of course “Project Cost Definition and Update”!

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Have a nice week and remember…
Human Managers should strive to be humans while managing and be managed as humans!

Written by

Eduardo Espinheira is a Consultant, Facilitator, Manager, Public Speaker, Creator of the Management Bugs&Fixes and the Machiavellian PM Stories

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