This video examines the possibilities and pitfalls of collecting budget actual information to allow you to track your actual budget expenditure to your planned budget values.
- Picture this: you're heading down the highway,…there isn't a lot of traffic, and it's a beautiful day.…You have the cruise control on…and you aren't exceeding the speed limit.…Suddenly as you come over the crest of the hill,…you see a police car parked…on the shoulder of the road ahead of you.…What do you do?…Even though you aren't the least bit guilty,…you tap the brakes and slow down.…The police officer reminds you…of the measurements that control your driving.…
Measurements have power in our lives.…The same is true with project measurements.…Track costly items carefully,…and you and your management team will react proactively…to potential cost changes.…One of the most substantial costs…on most projects is people.…To manage this well, pay attention to the collection…of the time your resources use on project tasks.…Here are my recommendations for collecting this vital data.…First, determine how management wants the cost…of resources to be allocated.…
Let's talk about some common approaches.…Some organizations capture labor intervals.…
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.