How can I handle budget overruns in my project?

How can I handle budget overruns in my project?

To handle budget overruns, first analyze the reasons behind them. Are there unexpected costs or scope changes?

Yes, there were some unexpected costs. What should I do next?

Next, communicate with your stakeholders about the overruns and propose a revised budget or plan to mitigate the impact.

Should I cut costs in other areas to compensate?

Cutting costs can be an option, but ensure it doesn't affect the project's quality. Prioritize essential expenses.

What if the stakeholders are not on board with the new budget?

If stakeholders resist, present data and analysis to support your case. Highlight the benefits of the revised budget.