Doing anything is a risk. Planning a project, big or small, is inherent with risk. It’s part of your job to see those issues before they become problems. Therefore, before executing the project, you have to put in the work to identify, assess, and control risk. The more you can manage risk, the more likely your project is going to succeed. Of course, you can’t anticipate everything that might happen over the life cycle of your project. There will be unanticipated issues that arise, so you need to have a process in place to handle those when they come up.
5. Cost Management
You can’t do anything without the money to pay for it. You have created a budget. Your first job is to make sure that budget is realistic and can meet the financial needs of the project, and, secondly, controlling those costs through the execution of the project. This is easier said than done. Unless you are lucky and work for an organization with unlimited funds, you’re going to have certain financial constraints, and more likely, be given a very tight budget. It takes a great deal of skill to figure out how to squeeze every cent out of those limited funds.
