Discussion: Budgeting Time And Valuing Risk Management
You have been brought in as an outside consultant to the project sponsor and project manager on a project for installing a new payroll system. The project is behind schedule and over budget. The project was supposed to be completed in one (1) year, but now, it is running about three (3) months behind schedule and 25% over budget. It is expected that the project may continue to fall further behind schedule and over budget. The project sponsor wants your analysis and advise to know if the project can be saved. Recommend a series of actions to save the project and identify the risks in taking such an approach.
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