Google Analystics

Wednesday, 11 May 2016

Six Steps to Creating Your Project Budget

- article by Helena Lui in Quality Digest

Disguised as simple but by no means simplistic, this is a practical, high-view "Project Budgeting For Dummies." The author is a consultant at IBM and an instructor at examspm with a master’s degree in business/commerce from Queen’s University.

Her six steps are:
1. Look through lessons-learned documents
2. Know your cost
3. Roll up individual activity costs (where Lui makes a very important point!)
4. Add contingencies
5. Monitor your progress and resources (where the author makes the point that, "Project budgeting is not a set-and-forget activity, but rather a continuous activity that requires your daily attention.")
6. Communicate changes to stakeholders

It's a quick read which novice and less experienced project managers can refer back to periodically with regard to project finances. Some stakeholders will also find this helpful.

Read the full article here.

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