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krp76 replied to the topic how the PM handles budget cut? in the forum Project Management Process and Medical Device Development 8 years, 1 month ago
A budget cut as stated by the previous posts is a critical factor in project management. While planning under budget is a good idea for any project it is more difficult to achieve in a medical device project. I believe that it is harder to have a realistic budget because of the lack of data and the innovative factor in medical device projects. For many other projects there is usually a precedent on the cost, however for medical devices the data is not always easy to find as stated in the lecture by Dr. Simon. With this lack of data it becomes hard to go under budget because even the project manager may be constantly updating their budget expectations. This also can lead to problems with upper management and proving that you need a budget increase because there usually isn’t much financial data to back your projections.