Question

Often, the sum of the initial estimated costs is greater than the amount of funds budgeted by the sponsor. what should be done to arrive at an acceptable budget amount

Answer 1

In order to arrive at an acceptable budget amount, there is a need to revise the budget expecting that several iterations may need to be made to reduce the costs .Oftentimes, the amount that is planned is not followed due to unexpected reasons. At times, it would be greater than what was estimated so that adjustments should be made in order to decrease the costs.