Here are Mr. Matthew’s tips for avoiding those oversights:
1. Use a work breakdown structure. This planning tool identifies the individual tasks needed to complete a project in a hierarchical structure. It helps determine the personnel, vendors and service providers, materials, approvals and time requirements for a project, as well as potential risks. A work breakdown structure planning tool helps ensure no important cost considerations are excluded.
2. Budget for risk. Obstacles such as structural issues, weather interruptions, illnesses, subcontractor delays and shipping or supply delays arise during nearly every project. Err on the side of caution when developing the budget — it’s better to come in under budget than request additional funding.
3. Be transparent. Make every effort to eliminate surprises through diligent planning, but inform leadership immediately if any occur. Aim to come as close to budget as possible.
Read more tips here.
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