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.
Loading...
Related Quiz
- How does cross-functional collaboration contribute to innovation?
- A mentor should help their mentees develop ___________ to overcome challenges.
- Scenario: During a performance review, an employee becomes defensive and disputes the feedback provided. How would you handle this situation as a manager?
- Scenario: A new technology emerges that could potentially revolutionize your product, but it comes with significant implementation challenges. How would you evaluate whether to adopt it or not?
- What role does contingency planning play in project time management?