What causes budget overruns?
An example of an AI chatbot conversation about budget overruns and their causes.
What are the main reasons for budget overruns in projects?
Budget overruns can occur due to various factors, including scope changes, poor planning, and unexpected costs.
Can you explain how scope changes lead to overruns?
Certainly! Scope changes often require additional resources or time, which can increase costs beyond the original budget.
What role does project management play in preventing budget overruns?
Effective project management helps in monitoring expenses, managing scope, and ensuring that the project stays on track financially.
Are there specific industries more prone to budget overruns?
Yes, industries like construction and IT often face higher risks of budget overruns due to complexity and rapid changes.
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