How to Minimize Cost During an Upgrade Project

Author: 
Larry Xu

Any technological upgrade project will most likely face two resource constraints: time and money. Time is usually measured on the ability of the project to stay on schedule; whereas money is reflected on the execution of the project to remain under budget. In the end, these two elements all boil down to one important indicator of the project: cost.

Needless to say, control or minimize the cost of an upgrade project is the top priority for project managers. Project managers strive to achieve the success of the projects in the most cost-effective way. Different organizations have different ways to control project cost. To minimize cost during an upgrade project, the following are the aspects that an upgrade project management team should consider:

  • Careful assessment of project for planning and budgeting
  • Leveraging in-house knowledge base appropriately and effectively.
  • Utilizing project management tools to regularly audit cost.
  • Managing human resources effectively.
  • Adopting a methodology of selecting external expertise and vendors.

"Project management is like juggling three balls-time, cost, and quality." --- G. Reiss.

Minimizing cost of an upgrade project, such as BOBJ upgrade project, requires balancing act from project managers. The ultimate goal is to make sure that the project is under budget and ahead of schedule. These are the two key measures that will determine the success of any project.

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