Budget overruns have always been a litmus test for project success or failure. In 2020, the COVID-19 pandemic made staying within budget became a bigger nightmare, with the most successful companies, and the best project managers, put to the ultimate test of prudently managing financial resources during massive uncertainty.
Many stakeholders have had to reexamine their changing priorities, budgets, and project success or failure definition. The global uncertainty now fuels the increasing pressure for project leaders and their teams to change their budgeting strategy and project execution. As such, effective budget management is a primary area of focus for project managers who value their careers.
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