Manage Costs During The Project Life Cycle
During a project life cycle, a project manager must continuously compare actual costs to the budget in order to stay within the project's projected costs. As a project manager, you can use several strategies to make sure that your project continues to track against your budget. The key to effective risk analysis is to obtain real-time cost information and closely examine it for potential issues. A proactive approach gives you an opportunity to resolve cost issues before they pose a risk to your budget.