Which term refers to the adjustments made to a project budget during construction?

The term that refers to the adjustments made to a project budget during construction is change management. This process involves identifying, assessing, and addressing changes that occur in a project. These changes can arise from various factors such as unforeseen circumstances, design modifications, or alterations in project scope. Effective change management is essential to ensure that the project's budget is adjusted accordingly to accommodate these changes while maintaining control over overall project costs. This process helps prevent cost overruns and ensures that all stakeholders are informed and aligned regarding the financial implications of any adjustments.

While terms like scope creep, risk assessment, and quality control relate to phases of project management, they do not specifically denote the process of modifying a budget in response to changes during construction. Scope creep refers to the expansion of project scope without adjustments to time and budget. Risk assessment involves identifying potential risks that may impact the project, while quality control focuses on ensuring that the project's deliverables meet the required standards and specifications.