From the course: Project Management: Solving Common Project Problems
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Discovering hidden overspends
From the course: Project Management: Solving Common Project Problems
Discovering hidden overspends
- Now another cost related, project problem is overspending without realizing that you're overspending. Now you might be thinking, "How can this possibly happen?" Well, I'll give you an example. One of my customers is involved with building a very large road in the south of England. It's costing 20 million pounds. I was talking to the guy who's doing this. It's a four year project, so they're gonna spend, on average, five million pounds a year. I said to the guy, "How's the project going?" He said, "Oh, it's going really well. "First year's gone. "We've spent five million pounds." Now, can you think about what might be going wrong with that project? A year has gone, they've spent five million. What could possibly be a problem? But of course, there are two things we need to know. One is the spend profile. Was that first year meant to cost five? What if the first year was only meant to cost three? They were just gonna dig some holes or something like that, and yet they've spent five. So…
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