Balancing cost and benefit of a project

By making a good project plan

We can easily balance the cost and benefit of a project by making a good project plan. By
making a good project plan we can properly allocate time and resource for all tasks that will be
done in a project.

By focusing on accuracy of project

Cost and benefit of a project can be balanced if we focus on accuracy rather than precision as
focusing on precision will take more time which increases cost.

By properly using and providing information

If we have enough information about the project we can manage the project properly which
decreases the uncertainty of a project and balances cost and benefit.

By making a good risk management plan

If we have a good risk management plan we can overcome many risks which will occur in a
project. By overcoming those risks and spending less time on those risks we can save time and
manpower which increases benefit of project.