For many of your projects, you chose a scenario in which your team has an imaginary budget. What is a potential “black swan” event (Schwalbe, pg. 286) that could impact your projects’ budget estimates? How can you plan ahead to mitigate such an event?

Project management discussion

Write about 200 – 300 words

Chapter 7 discusses the topic of Project Cost Management. One of the topics that is discussed is the tendency of cost management to be a weak point, particularly for IT projects.

For many of your projects, you chose a scenario in which your team has an imaginary budget. What is a potential “black swan” event (Schwalbe, pg. 286) that could impact your projects’ budget estimates? How can you plan ahead to mitigate such an event?

For projects that do not have a proposed budget, how can this framework be applied to your team?