Join Bob McGannon for an in-depth discussion in this video Selecting budget-reporting options, part of Project Management Foundations: Budgets.
…Have you ever ordered a repair service to…be conducted at your house, had the service…provider show up, deliver the service, and then…ask you for more money than you agreed to?…If you were like me, it produces an unpleasant experience…and makes you hesitate ever again to call that service provider.…You don't want to be the service provider in that story.…With estimates that are based on sound information, you'll know at any point…in time how much you're spending and how much you have left to spend.…
But you can only maintain an accurate perception of your budget…throughout your project by having sound and complete budget reporting habits.…Let me share some of these good habits.…First, it is important you scan your budget…and ensure you aren't missing some commonly overlooked items.…Here are a few of the most frequent culprits: Labor cost increases.…Over time, pay rises, and contract cost of…living increases can add up and are often forgotten.…
Next is the waiting time for resources.…Though you may know you have to wait, the cost of having other…
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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.