Cost component of project must be carefully planned

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Question

The cost component of a project must be carefully planned and managed throughout the life of a project. First, establish the budget for the project. The selection of vendors involves a careful process of considering reputation, scope, and time required to complete. Furthermore, risks and uncertainty should be included in the plan. As the project progresses, costs need to be monitored and controlled.

Due to the COVID-19 pandemic, in general, project costs have increased. What are some of the considerations that should be included in the budget?

After posting your response, respond to at least 2 of your peers. When responding to their posts, you should share your experiences of increased or decreased costs since the COVID-19 pandemic.

Reference no: EM133771477

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