Join Bob McGannon for an in-depth discussion in this video Finalizing and communicating your budget, part of Project Management Foundations: Budgets (2014).
…In the movie A Few Good Men, Colonel…Jessup, played by Jack Nicholson, uttered a famous quote.…"You can't handle the truth."…Sometimes that is the case with a project budget.…It isn't always good news.…However, protecting your integrity, the integrity of the…project, and the business you support, is important.…I have 2 golden rules when it comes to communicating your budget.…Don't pad things and be prepared to have difficult conversations.…
Let's talk about padding your budget first.…Padding your budget is when you put extra costs, inflate costs or otherwise try…to expand your budget without a distinct outlined rationale for inflating costs.…A better way to manage this is…to utilize overtly discussed contingency dollars instead.…There's no point presenting increased, decreased or…otherwise unrealistic budget estimates to your sponsors.…
It doesn't do anyone any favors.…You should base your budget on accurate information…that you've drawn from your work breakdown structure.…If you feel you need to add contingency dollars to address…
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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.