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Parth D. Patel replied to the topic Cost Analysis of Project in the forum Project Management Process and Medical Device Development 7 years, 5 months ago
I remember during my undergraduate capstone class, we had to create a budget for a grant we received. We list all the materials we needed for this project. The biggest problem was we needed sensors and that came from europe. We had an issue with some of the sensors because they did not work. It took three months to ship and and another three months to return, so we abandoned the defective sensors. As a team, we decided created a priority list of what sensors we need and what sensors we don’t, and how much each sensor cost. We got sensors that were replicas and a lot cheaper. We used the money we had left to buy, basically knockoffs and it worked successfully. There was some cases were we pulled money out of our own pockets for small things but it had to be done. It was a good lesson learn that we should utilize the budget correctly so we don’t go over.