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You're managing a project budget. How do you ensure you don't go over budget?

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Managing a project budget is one of the most challenging aspects of IT services. You need to balance the scope, quality, and time of the project with the available resources and expectations of the stakeholders. How do you ensure you don't go over budget and deliver the project successfully? Here are some tips to help you plan, monitor, and control your project budget effectively.

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Badhrinath Kannan

Problem Solver|Builder of High Performance Teams|Engineer at Heart
Dr Abilio Oliveira

1 Define the budget

The first step is to define the budget for your project based on the project scope, requirements, and deliverables. You need to estimate the costs of the labor, materials, equipment, software, and other resources that you will need to complete the project. You also need to account for the risks, contingencies, and changes that may occur during the project. You can use various tools and techniques to create a realistic and accurate budget, such as bottom-up estimating, parametric estimating, or historical data.

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2 Track the expenses

The second step is to track the expenses of your project regularly and compare them with the budget. You need to record and document all the actual costs that you incur during the project and update the budget accordingly. You also need to measure the performance of your project using metrics such as earned value analysis (EVA), which shows how much value you have delivered compared to how much you have spent. Tracking the expenses will help you identify any variances, issues, or trends that may affect your budget.

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3 Manage the changes

The third step is to manage the changes that may arise during the project and impact your budget. You need to have a clear and formal change management process that defines how you will handle and approve any changes to the project scope, schedule, quality, or resources. You also need to communicate and negotiate with the stakeholders about the impact and benefits of the changes and how they will affect the budget. Managing the changes will help you avoid scope creep, rework, or delays that may increase your costs.

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Dr Abilio Oliveira
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To ensure you don't go over budget when managing changes in a project, establish a clear change management process that includes evaluating the impact of any proposed changes on the project budget and timeline. Incorporate a contingency fund into the budget for unforeseen changes. Require formal approval for all change requests, ensuring that only necessary changes are implemented. Regularly review and adjust the budget as changes are made, keeping stakeholders informed. Utilise project management software for real-time budget tracking. Prioritise changes based on their value and impact, focusing resources on those that offer the greatest benefit. This approach minimises unnecessary expenditure and helps maintain financial control.

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4 Optimize the resources

The fourth step is to optimize the resources that you use for your project and reduce any waste or inefficiencies. You need to allocate and utilize the resources effectively and efficiently according to the project needs and priorities. You also need to monitor and control the quality of the work and ensure that it meets the standards and expectations of the stakeholders. Optimizing the resources will help you improve the productivity, quality, and value of your project and lower your costs.

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5 Review the results

The fifth step is to review the results of your project and evaluate how well you managed the budget. You need to compare the actual costs with the planned budget and analyze the variances, causes, and effects. You also need to measure the outcomes and benefits of your project and assess how they align with the objectives and goals of the stakeholders. Reviewing the results will help you learn from your experience, identify the best practices and lessons learned, and improve your future projects.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Badhrinath Kannan

Problem Solver|Builder of High Performance Teams|Engineer at Heart
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Value and budget adherence are not the same thing. We had a client who wanted us to deliver a project that would result in $6M cost savings at a budget of $1M. But as we executed this, we recognized that there were larger opportunities to save over $20M, but with a likely budget of $2M. This is because we did not go overboard trying to stick to budget and took an exploratory attitude. Eventually it cost them $2.2M (10% over budget), but the savings accrued ended up close to $30M. It is important not to miss the forest for the trees.

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Djallal BOUABDALLAH

Ecosystem Builder | Global Digital Transformation & Cyber Security Advisor | Eternal learner | Podcast host | Speaker
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Don’t overlook the importance of a contingency fund for unexpected expenses. While careful planning is critical, having a financial buffer can save the project from going over budget due to unforeseeable issues. Additionally, clear communication with all stakeholders about the budget status and any potential risks is essential for managing expectations and securing additional funding if necessary. By following these steps, you can maintain control over the project budget, ensuring that the project is delivered successfully without exceeding financial constraints.

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Maureen M.

Project Manager | Edge Expert | Project Coordination | Team Leadership |Sustainability |Affordable Housing | PPP
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One thing to consider is staying alert enough to recognize gold plating and making decisions to stay on track in terms of s PPE delivery. Adding extra features not initially defined in the scope may lead to budget escalations.

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Danilo Andrade da Silva

Controladoria | Procurement | FP&A | M&A | Tecnologia | HSE | Regula??es | Depto. Pessoal | Gest?o de ativos imobiliários
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O artigo está bem fundamentado. S?o regras básicas que auxiliam na condu??o do projeto em busca de entregar o planejado. Para valer o investimento realizado, considero super relevante uma análise após um tempo de conclus?o do projeto: os objetivos continuam sendo atendidos? N?o há nenhuma mudan?a, ou adapta??o a ser feita? A entrega continua eficiente? Geralmente os idealizadores do projeto seguem novos projetos, e quem recebe n?o extrai todo o potencial disponível.

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You're managing a project budget. How do you ensure you don't go over budget?

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1 Define the budget

2 Track the expenses

3 Manage the changes

4 Optimize the resources

5 Review the results

6 Here’s what else to consider

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