This video details the most frequently used budget reporting graphs, and how they can be used to report status and add accuracy to your project management approach.
- Have you ever ordered a repair service…to be conducted at your house,…had the service provider show up,…deliver the service…and then ask you for more money than you agreed to?…If you're like me it makes you hesitate…to ever call that service provider again.…You don't want to be the service provider in that story.…With sound estimates you'll know at any point…how much you should've spent…and how much you have left to spend.…But you can only maintain…an accurate status of your project budget…by having sound and complete budget reporting habits.…
Let me share some of those good habits.…First, ensure you aren't missing…some commonly overlooked items.…Here are a few of the most frequent culprits.…Overtime,…pay raises,…and contract cost of living increases…can add up and are often forgotten.…You should also check on the waiting time for resources.…Though you may know you have to wait,…the costs of having other related resources idle…and assigned to your project during that wait time…can accumulate costs.…
Exchange rate variances can also impact your project…
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.