Price&Cost turns uncertain projects into predictable profits

Staying on budget is the backbone of a PM's responsibility. Learn which project management skills you need to develop to consistently hit your target budget.

Chances are high that your company does not have an unlimited budget. Project managers often determine whether their project is a success or a failure by how the budget was used and if there was a budget overrun.

Multi-billionaire Warren Buffett is world renowned for his simple advice on being successful. At the heart of his essential rules for running a business is the foundation stone of his multi-billion dollar empire: "Keep costs low" is one of his basic principles for the health of his business. It should be at the heart of yours too.

You and your team have worked hard over the past several months to prepare the project you'd now like to put into motion. All your "I's" seem to be dotted and all your "T's" crossed. You walk into the conference room to make a pitch and explain your plan for the committee members. The committee listens to your presentation and then asks about your project budget.