Join Bob McGannon for an in-depth discussion in this video Applying foresight to your budget status, part of Project Management Foundations: Budgets (2014).
…I thoroughly enjoy having and using a GPS system when I'm driving.…Not only does it give me a bit of comfort that it…will guide me to where I want to go, I can take a…peek at it to understand if my next turn is going to be…left or right and put myself in the correct lane ahead of time.…In other words, it gives me a bit of foresight.…As a project manager, I like to rely on a bit of foresight as well.…What's going to happen?…How is it going to happen?…When's it going to happen?…Having foresight can be one of your greatest assets as a project manager.…
It give you the ability to see what's coming around the…corner and to plan for it, just like having a GPS.…I like to try to apply foresight to many parts…of a project, especially when it comes to predicting budget status.…Here's how.…First, try to think ahead as you manage and control your project execution.…Were your assumptions right?…Is the quality of team members at the right level?…How could resources be used more efficiently?…For example, a potential assessment you may need to make, is…
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- Define project budget.
- List steps for crafting a budget.
- Explain costing standards.
- Examine capital and operating costs.
- Identify different types of estimating.
- Determine the correct level of budget detail.
- Collect resource-usage information.