Cost management strategies are imperative for maintaining and controlling project budgets and ensuring success. Failure to monitor costs at every stage may result in project derailment, adversely impacting organizational efficiency and ROI.
Therefore, managers must constantly monitor expenses, track forecast vs. actual costs, and foresee financial risks throughout the project lifecycle. By doing so, they can keep a project’s budget on track, or if there are any variances from the baseline, they can also implement corrective measures well in advance.
