Express one particular cost issue that you have seen as a project manager or team member that affected the project either positively or negatively. Clearly identify what was done to rectify the issue and describe the impact to the project.

one particular cost issue that I noticed as a team manger is the inability to keep our budget in line due to additional costs that kept coming up intermittently. This cost issue almost cost us the entire project.

Explanation:

At the execution phase of the project I was managing, additional costs that needed immediate attention drove us to emergency mode at a point with a huge budget overrun that pushed us to the brink of project shutdown.

To rectify the issue, I called for a meeting with my team and the following steps were taken

we extended the time for the completion of the project.
Requested for the services of a professional accountant to prepare a comprehensive budget that will give cater for emergencies.
We developed good processes and habits will help significantly reduce the likelihood that your project budget will turn into a catastrophe such as weekly reviews.