CPHIMS Practice Exam 2025 – Complete Study Resource

Documenting the project budget variance is a critical first step in managing a project facing significant issues like budget overruns due to scope creep. By thoroughly documenting the current budget situation, the CIO can create a clear record of the discrepancies between the planned budget and the actual expenditures. This provides an important reference point that can be used to communicate the state of the project to stakeholders, including executives and the board, ensuring that all parties understand the financial implications of scope changes.

Comprehensive documentation allows for informed decision-making moving forward. It helps in identifying patterns of scope creep, analyzing their impact on the budget, and forms the foundation for developing strategies to control future scope changes. Additionally, this documentation can assist in holding stakeholders accountable and ensuring that any additional funding requests or contract renegotiations are based on solid evidence and a clear understanding of the financial position of the project.

Considering the other options, while additional funding, renegotiating contracts, or even adjusting project staff are important actions, they should occur after a thorough assessment and documentation of the project’s financial status to inform those decisions adequately.