To mitigate budget risks, consider the following approaches: - Comprehensive Planning: Detailed planning and forecasting can help in anticipating potential risks. - Regular Monitoring: Continuous monitoring of expenses against the budget can help in identifying deviations early. - Flexible Budgeting: A flexible budget allows for adjustments based on project progress and unforeseen expenses. - Risk Assessment: Conducting a thorough risk assessment can help in identifying and preparing for potential financial pitfalls.
