Join Bob McGannon for an in-depth discussion in this video Prioritizing budget vs. scope elements, part of Project Management Foundations: Budgets (2014).
…The one thing you can be assured of when you establish your project plans…and spending projections, is that it will…never come to fruition exactly as you plan.…There are way too many variables in the dynamics of the average project.…The trick is to know how to adopt and respond to those changes.…And this is often done through management of scope.…Scope defines the activities that need to be…performed to achieve the business benefits of a project.…These activities require resources, time, people, equipment, et cetera.…
You can redefine or adjust your project in terms of its scope.…The most powerful way to respond to budget status changes…is to examine the trade-offs between budget and projects scope.…Let's discuss some common scope and budget adjustment approaches.…First, you can be asked to increase scope, to deliver more features in your project.…In this instance, there are several questions you should ask.…What's the budget impact going to be?…Could I get more funding to accommodate an increase in cost?…
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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.