Join Bob McGannon for an in-depth discussion in this video Recovering a bloated budget, part of Project Management Foundations: Budgets (2014).
…When it comes to managing finances, there's a fact we all need to embrace.…Just because you still have checks in your check book, it doesn't necessarily…mean you still have money in your account So it goes with projects.…Projects by their very nature, are always changing.…So, your budget might need to be adjusted…as you move through the project life cycle.…So you don't try to write checks you cannot pay against.…In an extreme case, you may find yourself with a bloated budget.…A bloated budget is when you can see…that your actuals are coming in way over forecast.…
Maybe you haven't yet completely blown your budget.…But you're quickly heading for financial disaster.…Often, this will occur between half and 2 3rds of the way through the project.…When it's apparent things are not correcting themselves.…And you aren't tracking as you should be.…The good news is that because you're still going through the…project you may be able to get your budget back on track.…But recovering a bloated budget takes a lot of hard work.…
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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.