Join Bob McGannon for an in-depth discussion in this video Varying spending to accommodate constraints, part of Project Management Foundations: Budgets.
…If you were to go shopping, search a store for just the…right piece of clothing, find it after a bit of searching, and then…go to the register to find out you did not have the…correct credit or debit card to pay for the purchase, you'd be frustrated.…So, the equivalent of this doesn't happen with your project budget.…You need to understand how the budget…processes around your project work, so the processing…of your diligent budget work does not…get ruined by undue delays and administrative obstacles.…
So, here are a few areas you need…to understand to ensure your budget works properly.…First, confirm how your organization performs contract management.…To get contracts for work signed off, do you…have to go through the legal department and then finance?…Who signs off on the terms and conditions of a contract?…In some places, you won't be allowed to spend a cent…unless you've dotted all the i's and cross all the t's.…And this can take a while.…So, ensure you fully understand the process and don't underestimate…
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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.