1 00:00:00,000 --> 00:00:06,002 (lively music) 2 00:00:06,002 --> 00:00:08,005 - Here's how I'd approach this challenge. 3 00:00:08,005 --> 00:00:11,005 I shared that the project is halfway through. 4 00:00:11,005 --> 00:00:15,003 However, the project is way behind schedule, 5 00:00:15,003 --> 00:00:17,003 and you are over budget. 6 00:00:17,003 --> 00:00:18,003 Here's what I would do 7 00:00:18,003 --> 00:00:20,009 to get the project costs under control. 8 00:00:20,009 --> 00:00:24,002 First, I would do research to understand 9 00:00:24,002 --> 00:00:27,002 where the additional costs are coming from. 10 00:00:27,002 --> 00:00:28,006 Am I paying more per hour 11 00:00:28,006 --> 00:00:31,003 for the resources allocated to the project 12 00:00:31,003 --> 00:00:34,005 or is it taking more effort to complete tasks? 13 00:00:34,005 --> 00:00:37,000 For example, you would plan for 30 hours 14 00:00:37,000 --> 00:00:39,006 but it's taking 40 hours of effort, 15 00:00:39,006 --> 00:00:42,007 or worse yet, maybe it's both. 16 00:00:42,007 --> 00:00:45,007 Consider internal resources instead of consultants, 17 00:00:45,007 --> 00:00:49,000 if applicable, to bring project costs down. 18 00:00:49,000 --> 00:00:52,000 As there have been issues getting the agreed resources, 19 00:00:52,000 --> 00:00:55,000 I would create a resource report by month 20 00:00:55,000 --> 00:00:56,007 and distribute it to the management team 21 00:00:56,007 --> 00:01:01,005 to clearly communicate when each resource is required. 22 00:01:01,005 --> 00:01:04,000 I would ask the management team for their recommitment 23 00:01:04,000 --> 00:01:07,008 to agreed resources, and if the resources are not available, 24 00:01:07,008 --> 00:01:12,002 then I'd negotiate to try and obtain the required resources. 25 00:01:12,002 --> 00:01:14,005 I would also review the project change requests 26 00:01:14,005 --> 00:01:17,004 to ensure all changes were put through the review 27 00:01:17,004 --> 00:01:19,007 and approval process. 28 00:01:19,007 --> 00:01:22,008 Next, I would determine if the budget items related 29 00:01:22,008 --> 00:01:26,002 to approved changes were applied to the budget baseline. 30 00:01:26,002 --> 00:01:28,007 If the baseline has not been updated, 31 00:01:28,007 --> 00:01:32,008 the project is not as over budget as it may appear. 32 00:01:32,008 --> 00:01:36,002 However, changes that may not have been captured 33 00:01:36,002 --> 00:01:39,009 on a project change request concern me the most. 34 00:01:39,009 --> 00:01:43,008 Team members may be working on activities outside of scope 35 00:01:43,008 --> 00:01:45,009 and they need to realize it. 36 00:01:45,009 --> 00:01:49,000 Remind your key stakeholders what's within scope 37 00:01:49,000 --> 00:01:53,002 and how to properly incorporate changes into the project. 38 00:01:53,002 --> 00:01:55,009 Once I get to the root cause of these issues, 39 00:01:55,009 --> 00:01:59,000 I would adjust and re-estimate the project budget based 40 00:01:59,000 --> 00:02:01,000 on current conditions.