Join Bob McGannon for an in-depth discussion in this video Determining the correct level of budget detail, part of Managing Project Budgets.
…Begin with the end in mind.…It's the best way to think when it comes to…a great many things in the world of project management.…When it comes to project budgets, there are two major factors…that need to be considered when building and managing your project budget.…Determining the overall level of detail you'll be expected to manage,…and how you will track personnel hours dedicated to your project.…The level of detail you need to…collect is usually determined by the following factors.…
First and foremost, company culture will…dictate the level of budget detail required.…Financial organizations are typically very focused…on their spending patterns and trends.…Research and development organizations usually do not share…the same focus on all of your spending details.…The second factor, which dictates project detail, is the presence of contracts.…As a project manager, you may not always work within a contract, however when…you do, the contract type you are…working with will dictate your budget management behavior.…
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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.