Join Bob McGannon for an in-depth discussion in this video Assigning costs to resources, part of Managing Project Budgets.
…Imagine being told that you were going to receive a $100,000 salary.…But you were not told when you would receive it.…That would be fairly inconvenient, wouldn't it?…You'd not know if you can spend money or when you could spend it.…Having a project budget where you allocate funding but do not detail…when your going to spend it, is the same problem in reverse.…As a diligent project manager, you not only need to know how…much you're going to spend, but when your going to spend it.…
To do this more easily, it helps to build a…project schedule first so you can accurately assign costs to resources.…Let's see how this works.…First, ensure you have all the cost outlays captured in your project schedule.…A project schedule is made up of all the…tasks, estimates and resources you'll need for your project.…The best way to represent your cash outlays is by using a cash outlay chart.…Let's look at an example.…The cash outlay chart has the money spent on the Y axis and the month on the X axis.…
The data is cumulative over the life of the project.…
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- Discovering costing standards
- Examining capital and operating costs
- Assigning costs to resources
- Communicating your budget
- Recovering a bloated budget
- Addressing budgeting issues<br><br>
- The PMI Registered Education Provider logo is a registered mark of the Project Management Institute, Inc.