"Do not go over the budget!" My boss keeps telling me

 
Situation
General information of the situation
Alert Others
Situation
General information of the situation
Alert Others

Situation

The situation is where you start. You learn by dealing with real-life work situations. Provide a short description of the situation for the learners to work on. Along the way, you will impact results.
Sitches are situations, jams, issues, errors, gaps, troubles, stoppages and many others to fix and solve. They are also opportunities to improve, grow, expand, and introduce better, faster and cheaper ways to get the desired results.
What is your Situation and Question?
"Do not go over the budget. We can't afford it." says my boss. I've just been promoted and I need this project to succeed. But we're experiencing deliverable delays and additional costs. How can I manage this better?
What's the biggest challenge?
I'm new at this position, handling a new team. I don't want to fail my boss's expectations.
What's the objective?
Whether or not you're in this situation, put yourself in my place and share how you would resolve this problem.
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Ray Jimenez, PhD    
November 18, 2021