Why many information technology professionals may overlook project cost management?

Answer 1

Nowadays, IT professionals are much more concerned with finishing the project than dealing with its cost implications which they think are more of an accountant's work. Furthermore, IT professionals are openly accepting the fact that cost overruns are natural for a project. An overrun is an additional percentage or dollar amount by which actual costs exceed estimates. IT professionals know that IT projects are low in budget at the initial phase because project requirements are unclear. As such, cost overruns can't be avoided. However, under-emphasizing the importance of realistic project cost estimates from the outset touches only the superficial part of the problem. It is also worth emphasizing that IT professionals' view of cost estimating revolves only in the world of Accountants and that non-accountants should only concern themselves with their respective fields. The job of cost estimating should be left alone for accountants.

Yet, this very notion of cost estimating for accountants is what triggers the problem of IT people on IT projects that are completed over-budget. If IT professionals continue to overlook project cost management, willingly accept that overruns are a part of any project and can't be prevented, and at the same time not do something about it, chances are IT projects that are over-budget will continue to increase in number. Also, projects completed within budget will surely suffer if this mentality of IT professionals will not change. Not only that, other implications of such include complications on the part of the developer, the fund sponsor (if there's any), and most importantly, the client.