This video shows you how to use your project budget reporting tools and status information to improve your management of the budget during project execution and to help enhance your understanding of the status of your project.
- I thoroughly enjoy using a GPS system when I'm driving.…Not only does it give me a bit of comfort…that it will guide me to where I want to go,…I can take a peek at it to put myself in the correct lane…for my next turn.…In other words, it gives me a bit of foresight.…As a project manager I like to rely…on a bit of foresight as well,…especially when it comes to my budget status.…Different reporting types and budget management approaches…are available to you, but only if you have data…to direct your actions.…
Here's how.…First, try to think ahead as you prepare…to manage and control your project execution.…Were your assumptions correct?…Is the quality of team members at the right level?…How could resources be used more efficiently?…For example, an assessment you may need to consider…is whether you should use a more experienced team member…for fewer hours.…This may even be cheaper and a prudent step.…Second, for budget management you should remember…that not all tasks can be affected…by a change in staff, or the number…
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.