Find Out Why Your PRINCE2 Projects Are Running Over Budget

posted by Chris Valentine

At the start of any new project there are risks that you need to be aware of. Chief among these risks is the fear that you might overshoot the budget, which would clearly be a total disaster.

When you use the popular PRINCE2 methodology it is a big help in keeping a high level of control over every aspect of the project. Yet, if you are still prone to going over your budget then it is time to look for new ways of stopping this from happening.

Poor Use of Resources

Are you using your resources effectively? If you aren’t then you need to work out what the problem is. Are you paying for office space that you don’t need or for expensive software that you could have got for free instead?

No matter how much money you can spend on this piece of work, being too cavalier with it means that you will run into problems eventually.  This applies to all types of project but in some cases you might not realise that this is an issue until it is too late.

The cost of your team members is likely to be one of the main issues in this respect. It is also something that can be easier to fix than other matters, if you think outside the box with the likes of remote working and specialist contract workers.

Your Team Members Aren’t Up to Speed

We just looking at spending your budget wisely on your human resources. What if you have that just isn’t ready for the tasks ahead of them, though? This is something that can ruin your project’s chances of success right at the very beginning.

If your team isn’t ready to swing into action yet then you should look to give them the training and support that they need. The level needed will obviously vary from one person to the next, so you should be prepared to take each case individually.

Arranging PRINCE2 manchester for your key project workers is a great move to get them going. This will make sure that they are comfortable with the main aspects of this methodology and how to put the techniques into practise in real life.

The Timescales Are Too Generous

Finding the right timescale for any project is always a tough issue. If the dates are too tight then you are going to be under pressure right away, which is something that is always likely to end badly.

On the other hand, what if the timescales are too generous? In this case, it is possible that you spend more money than you needed to on completing the whole thing. This means that your budget could get blown out of the water needlessly.

The key is in finding the perfect approach that gives you the time you need to carry out a fantastic job without wasting any time. If you can do this then you stand a far better chance of overall success without spending too much money on it.

Poor Planning

Perhaps the most common reason for projects running over budget is poor planning. If the plan has been poorly worked out then your chances of staying under budget are low.

This is why the emphasis that PRINCE2 puts on good planning is so useful. You need to plan effectively right at the very start, which puts you in a strong position for the rest of the piece of work.

Keeping your project on track and under budget is a lot simpler when you use a sensible and flexible methodology like PRINCE2.

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