In this first installment of this three part series on maximizing project profits, I'd like to consider the overall project manager task of budget management. Let's look at the practice of budget management and how the project manager can skillfully stay on top of the budget forecast and actuals to help ensure that the project budget stays on track.
Just as scope needs to be managed closely to ensure that unplanned work is not hitting the budget and just as resources need to be closely guarded and managed to ensure that they are focused on the important tasks, it is also necessary to continually stay on top of the project budget. All three of these concepts are intertwined, but the best way to ensure that none of these three items are killing the project financially is to be monitoring the project budget on a continual basis. Let’s consider these three steps to effectively and efficiently keep the project on track through proper budget management:...
Just as scope needs to be managed closely to ensure that unplanned work is not hitting the budget and just as resources need to be closely guarded and managed to ensure that they are focused on the important tasks, it is also necessary to continually stay on top of the project budget. All three of these concepts are intertwined, but the best way to ensure that none of these three items are killing the project financially is to be monitoring the project budget on a continual basis. Let’s consider these three steps to effectively and efficiently keep the project on track through proper budget management:...
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