No plan survives reality, and project budgets are no different. This video discusses techniques to apply when issues and changes put your budget in jeopardy.
- When you stop to think about it,…the fact that projects actually are delivered successfully…is a small miracle.…Risks abound, decision-making can be erratic…and project requirements could be missing…or misinterpreted.…And there is the potential for little, picky budget issues.…Let's take a look at a few…of the common little budget process issues…that, if overlooked, could create unexpected cost overruns.…First, check the time periods on your cost data.…
If you don't get the information in a timely manner,…you may not be reporting a true picture…of your budget situation…and when you budget status is out of wack,…you can't make informed management decisions.…In addition, check to ensure all the cost data you receive…is for the same time period.…Calendar months and accounting months…can vary by a few days.…Resolving data that's been collected…for a calendar month…against data collected for an accounting month…can drive you crazy because they'll never match.…
Make sure everyone is sharing data…for the same reporting period.…
Note: This course follows the latest guidance from Project Management Institute, Inc., as outlined the PMBOK® 6 Guide.
- Recall best practices for project budgeting and estimation.
- Distinguish common estimation approaches used to build project budgets, and understand when to use them.
- Identify best practices for budget expectation management, while utilizing sound budget refinement techniques.
- Describe and explore agile project budgeting techniques.
- Review various approaches for correcting project budget overruns.
- Review sound budget reporting approaches, including how they can be used to report project status.
- Recognize the issues and changes that can put a project budget in jeopardy.