{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='What to do When you get Pressure to Reduce Your Project Budget' data-url='/boclips/videos/65d5c7f43b62064862d792bc' data-video-url='/boclips/videos/65d5c7f43b62064862d792bc' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nWhat to do When you get Pressure to Reduce Your Project Budget\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eAre you facing pressure to reduce your project budget?Then let me tell you the options you have, to respond.Everyone is feeling the rising cost of doing business. I'm seeing it in my own business and I am sure you're seeing it in...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eAre you facing pressure to reduce your project budget?\u003cbr/\u003e\u003cbr/\u003eThen let me tell you the options you have, to respond.\u003cbr/\u003e\u003cbr/\u003eEveryone is feeling the rising cost of doing business. \u003cbr/\u003eI'm seeing it in my own business and I am sure you're seeing it in yours.\u003cbr/\u003e\u003cbr/\u003eWhy?\u003cbr/\u003e- Exchange rates \u003cbr/\u003e- Fuel prices \u003cbr/\u003e- Levies \u003cbr/\u003e- The cost of labor\u003cbr/\u003e- IT costs \u003cbr/\u003e\u003cbr/\u003eProject Budgets\u003cbr/\u003eAnd all this will inevitably put pressure on your project budget. Resources will diminish, and scrutiny will increase. The penalties for over-runs, from attention to blame, will rise.\u003cbr/\u003e\u003cbr/\u003eWhat does all this mean for you?\u003cbr/\u003eAs soon as I hear the word cost, three others come into my mind: \u003cbr/\u003e- time\u003cbr/\u003e- quality\u003cbr/\u003e- scope\u003cbr/\u003eIf you need to manage cost more tightly, your levers are in the other three.\u003cbr/\u003e\u003cbr/\u003eYou have a choice. To reduce your project budget, you can:\u003cbr/\u003e\u003cbr/\u003e1. Reduce the time pressure. \u003cbr/\u003eWith an extended deadline, you have more time to find cost-effective solutions.\u003cbr/\u003e\u003cbr/\u003e2. Reduce the quality specification. \u003cbr/\u003eWorking to lower standards can readily reduce the cost. The risk with this is the reputational risk of reducing quality.\u003cbr/\u003eOur video on What is Value Engineering?    • What is Value Engineering? Project Ma...  \u003cbr/\u003e\u003cbr/\u003e3. Reduce the scope of your ambition. \u003cbr/\u003eThis is sometimes the easiest way to cut costs. Do less and deliver less functionality. \u003cbr/\u003eOur video on What is the Pareto Principle?    • What is the Pareto Principle - The 80...  \u003cbr/\u003eOur video on What is MOSCOW Analysis?   • What is MOSCOW Analysis? Project Mana...  \u003cbr/\u003e\u003cbr/\u003eSo, when your client or your boss asks you to cut the cost of your project, what should you say?\u003cbr/\u003eA belligerent 'no' will mark you as inflexible, unsure of yourself, or lacking imagination. Instead, take a two-step approach, offering choices for how to reduce your budget.\u003cbr/\u003e\u003cbr/\u003eStep 1: Point out that they can trade contingency for risk. \u003cbr/\u003eIdentify where there is a budget contingency in your plan. \u003cbr/\u003eFor each area, highlight how much you could save, and what the risks are that go with it.\u003cbr/\u003e\u003cbr/\u003eStep 2: Explain the mutual constraints of cost, time, quality, and scope.\u003cbr/\u003eDiscuss the choices they each offer.\u003cbr/\u003e\u003cbr/\u003eRemember, for a good project manager, 'we can't...' is anathema. \u003cbr/\u003eYou will always want to replace it with 'we can, if...'\u003cbr/\u003e\u003cbr/\u003eMore on Project Budget and Cost Management\u003cbr/\u003e- How to Estimate Project Costs    • How to Estimate Project Costs: A Meth...  \u003cbr/\u003e- How to Deliver Effective Project Cost Management    • How to Deliver Effective Project Cost...  \u003cbr/\u003e- Project Financial Management - 5 Tips for Good Project Cost Control    • Project Financial Management - 5 Tips...  \u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eCurator Rating\u003c/dt\u003e\n\u003cdd\u003e\u003cspan class=\"star-rating\" aria-label=\"4.0 out of 5 stars\" role=\"img\"\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-regular fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003c/span\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt class=\"educator-rating-title\"\u003eEducator Rating\u003c/dt\u003e\u003cdd\u003e\u003cdiv class=\"educator-rating-details\" data-path=\"/educator_ratings/rrp_data?resourceable_id=87523440\u0026amp;resourceable_type=Boclips%3A%3AVideoMetadata\"\u003e\u003cspan class=\"not-yet-rated\"\u003eNot yet Rated\u003c/span\u003e\u003c/div\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eMedia Length\u003c/dt\u003e\n\u003cdd\u003e5:47\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eGrade\u003c/dt\u003e\u003cdd title=\"Grade\"\u003e10th - Higher Ed\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eSubjects\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?grade_ids%5B%5D=256\u0026amp;grade_ids%5B%5D=257\u0026amp;grade_ids%5B%5D=258\u0026amp;grade_ids%5B%5D=259\u0026amp;search_tab_id=1\u0026amp;subject_ids%5B%5D=1319840\"\u003eSocial \u0026amp; Emotional Learning\u003c/a\u003e\u003c/span\u003e\u003c/dd\u003e\u003cdd class=\"text-muted\"\u003e\u003ci class=\"fa-solid fa-lock mr5\"\u003e\u003c/i\u003e5 more...\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eMedia Type\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?grade_ids%5B%5D=256\u0026amp;grade_ids%5B%5D=257\u0026amp;grade_ids%5B%5D=258\u0026amp;grade_ids%5B%5D=259\u0026amp;search_tab_id=2\u0026amp;type_ids%5B%5D=4543647\"\u003eInstructional Videos\u003c/a\u003e\u003c/span\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eSource:\u003c/dt\u003e\n\u003cdiv class='preview-source' data-animation='true' data-boundary='.rp-info' data-container='.rp-resource-details' data-html='false' data-title='Online PM Courses gives you clear, practical Project Management knowledge, that is easy to understand and apply. 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