This video outlines the most frequent budget management hurdles, how these can be accommodated with wise planning, and timing the execution of procurement activities.
- If you were to go shopping,…find the right piece of clothing,…then go to the register…to find out you didn't have the correct credit…or debit card to pay for the purchase,…you'd be frustrated.…To ensure the equivalent of this doesn't happen…with your project budget,…you need to understand how the budget processes work…within your company.…The key is to ensure your diligent budget work…doesn't get undermined…by undue delays and administrative obstacles.…The Project Management Institute calls this…funding limit reconciliation.…
So, here are a few areas you will need to understand…to properly perform funding limit reconciliation.…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?…For example, say you need three technical assistants…for your project.…Knowing who you would work with to look at your options…for bringing them on board,…and determining which option is best,…
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.