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Maximizing Your Budget
Budget overruns are a litmus test for project success or failure. The first thing project stakeholders look to in determining whether their project was a great success or a colossal failure is the bottom line.
This fact fuels the pressure project leaders and their teams face with each passing day. As such, effective budget management is a primary area of focus for project managers who value their careers.
If the company requires a specialized project management software, the cost of adding your staff to the software, such as licensing fees, needs to be included. Furthermore, you may ask the company to use an alternative software of your choosing, or you may be asked to select the type of project management software.
Tips for Managing Project Budgets
1. Learn from other projects. Find a past project that was similar in type or scope to the current one, and use it a model.
2. Know your core costs. Start by entering costs—the absolute must-haves to get the project up and running. They include team members, equipment, software, travel, etc.
3. Monitor resources. You want your team members working on the right tasks to their full potential.
4. Be transparent. Keep your team informed of the evolving budget forecast.
Creating an accurate project budget is the most important aspect of placing a bid for a project or finalizing the planning of a project. However, many projects fall short of expectations due to a failure to identify all the potential costs within a project.
On the surface, the budgets seems like it only revolves around the labor and material costs. In reality, this extends from labor costs to the cost of purchasing software. Take a look at the seven steps to creating a successful, accurate, and thorough project budget.
Project Budgeting Seminar 1
Project Budgeting Seminar 2
Project Budgeting Seminar 3
Project Budgeting Seminar 4