How to Avoid Cost Problems as a Project Manager
A 101 guide on financial management for project managers
Transitioning from a Scrum master in product management to project management in agencies involved a significant cultural shift. This experience provided valuable lessons, including proper budget management, which was mastered through teamwork and collaboration.
The aim of this post is to share insights on managing costs effectively as a project manager in professional services.
This guide offers tips on financial management for project managers. Let’s begin.
How to manage costs effectively
Managing costs effectively is crucial for the success of any project. Here are some strategies to help you avoid cost problems:
1. Triangulate Your Estimates
Start by gathering the largest list of tasks you can. Break these tasks into logical sections using a tree diagram. Look at previous projects and consult with your team of experts who will likely be doing the work. This triangulation process ensures a comprehensive list of tasks.
