Published by:
Harvard Business Publishing
Length: 7 pages
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Abstract
New projects, especially those involving high technology, are prone to cost overruns that may double, triple, or even quadruple original estimates. An inadequate design is often the cause. If necessary, management should abandon a project, and corporate environments should encourage honest appraisals and courage in their project managers. Suggestions for solutions include: verifying the nature of the problem, reengineering the project, and identifying underestimated areas.
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Abstract
New projects, especially those involving high technology, are prone to cost overruns that may double, triple, or even quadruple original estimates. An inadequate design is often the cause. If necessary, management should abandon a project, and corporate environments should encourage honest appraisals and courage in their project managers. Suggestions for solutions include: verifying the nature of the problem, reengineering the project, and identifying underestimated areas.