Scenario: The project budget is at risk due to fluctuating market prices of essential resources. How would you address this risk to ensure project success?

  • Monitor market trends and adjust the budget accordingly
  • Reduce the scope of the project to align with the budget
  • Seek additional funding to cover potential cost overruns
  • Ignore the budget issue and proceed with the project
Monitoring market trends allows for proactive budget adjustments, ensuring alignment with resource costs. This proactive approach enables the project to adapt to market fluctuations while maintaining project scope and ensuring successful delivery within budget constraints.
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