登录查看更多内容

You’re a project manager who needs to keep your project within budget. How can you do it?

由人工智能和领英社区提供技术支持

As a project manager, you have to balance the scope, time, and cost of your engineering design project. But how can you avoid overspending and deliver a high-quality solution that meets your client's expectations? Here are some tips to help you keep your project within budget.

此文章中的业界达人

由社区从 4 条内容中精选。了解更多

Abel Dawah FNIQS, RQS, FIMS, FMP, RFM, CCAP, CFLT,

Consultant Quantity Surveyor/Facility /Project Manager/Entrepreneur/Management Specialist
James Jatau

Senior Cost Consultant | MRICS | PQS | PMP? | MNIQS | Certified APC Assessor
Intekhab Rawannaque

Co-Founder & CEO | Infralogix Energy Pvt Ltd | Building India’s 1st Zero-Emission ?? ??Infrastructure Logistics…

1 Plan your budget carefully

Before you start your project, you need to estimate how much money you will need to complete it. This includes the costs of materials, labor, equipment, software, testing, travel, and contingency. You also need to consider the risks and uncertainties that may affect your budget, such as changes in requirements, delays, errors, or unforeseen issues. To plan your budget, you can use various tools and methods, such as historical data, bottom-up estimating, parametric estimating, or three-point estimating. You should also document your budget assumptions and constraints, and communicate them clearly to your stakeholders.

添加您的观点

Intekhab Rawannaque

Co-Founder & CEO | Infralogix Energy Pvt Ltd | Building India’s 1st Zero-Emission ?? ??Infrastructure Logistics Venture | Turning High Cost Logistics into Sustainable| Ex-GR Ltd | Ex-DBL Ltd |Ex-DRAIPL |Ex-IPL Logistics
举报内容
As a project manager aiming to keep the project within budget, here are two expert answers: 1. Expert Answer 1: "Establish a comprehensive budget plan upfront, track expenses regularly, negotiate with vendors, prioritize tasks, and communicate transparently with stakeholders." 2. Expert Answer 2: "Utilize project management tools for real-time expense tracking, share financial reports with stakeholders, and foster a cost-conscious culture within the team."

已翻译

赞

2 Track and monitor your spending

Once you have your budget approved, you need to track and monitor your spending regularly. This means comparing your actual costs with your planned costs, and identifying any variances or deviations. You also need to update your budget forecast based on the current status and progress of your project, and adjust it if necessary. To track and monitor your spending, you can use various tools and techniques, such as earned value analysis, cost performance index, variance analysis, or trend analysis. You should also report your spending performance to your stakeholders and sponsors, and alert them of any issues or risks.

添加您的观点

Abel Dawah FNIQS, RQS, FIMS, FMP, RFM, CCAP, CFLT,

Consultant Quantity Surveyor/Facility /Project Manager/Entrepreneur/Management Specialist
举报内容
In addition, you can also use the Cost Value Reconciliation (CVR) method. It will help you compare the Cost (money) put into the work, with the value you are expected to have of the work done so far. Analysing the two will give you an idea of where you are in terms of monitoring your spending and keeping within your budget.

已翻译

赞
Intekhab Rawannaque

Co-Founder & CEO | Infralogix Energy Pvt Ltd | Building India’s 1st Zero-Emission ?? ??Infrastructure Logistics Venture | Turning High Cost Logistics into Sustainable| Ex-GR Ltd | Ex-DBL Ltd |Ex-DRAIPL |Ex-IPL Logistics
举报内容
Tracking Spending on Projects: Expert Strategies for Fiscal Responsibility To ensure fiscal responsibility, follow these expert strategies: Expert Answer 1: “Utilize robust project management tools with budgeting features and real-time reporting for proactive decision-making, team collaboration, and visibility into spending trends.” Expert Answer 2: “Establish regular budget review processes, monitor resource utilization, promote cost-consciousness among team members, and communicate transparently with stakeholders to ensure fiscal responsibility and project success.”

已翻译

赞

3 Control your scope and changes

One of the main causes of budget overrun is scope creep, which is the uncontrolled addition or modification of project requirements or features. Scope creep can increase your costs, delay your schedule, and reduce your quality. To avoid scope creep, you need to control your scope and changes. This means defining your project scope clearly and precisely, and basing your budget on it. It also means managing any change requests that may arise during your project, and evaluating their impact on your budget, schedule, and quality. To control your scope and changes, you can use various tools and processes, such as scope statement, work breakdown structure, change management plan, or change control board.

添加您的观点

James Jatau

Senior Cost Consultant | MRICS | PQS | PMP? | MNIQS | Certified APC Assessor
举报内容
Associate Milstones with KPI's One of the key components of delivering a project is to ensure you have designated milestones which can be measured. This will help with tracking progress as to the required time of delivery and budget. Setting KPI's with these milestones will boost productivity.

已翻译

赞

4 Optimize your resources and processes

Another way to keep your project within budget is to optimize your resources and processes. This means using your resources efficiently and effectively, and avoiding waste or redundancy. It also means improving your processes and methods, and adopting best practices or standards. To optimize your resources and processes, you can use various tools and strategies, such as resource leveling, resource allocation, lean engineering, agile engineering, or value engineering.

添加您的观点

5 Negotiate and communicate

Finally, keeping your project within budget requires good negotiation and communication skills. This means negotiating with your suppliers, contractors, or vendors to get the best deals and discounts, and managing their contracts and invoices. It also means communicating with your clients, stakeholders, or sponsors to manage their expectations and satisfaction, and to resolve any conflicts or issues. To negotiate and communicate effectively, you can use various tools and techniques, such as negotiation plan, stakeholder analysis, communication plan, or feedback loop.

添加您的观点

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?

添加您的观点

Engineering Design

+ 关注

给文章评分

我们借助人工智能创建了此文章。您认为这篇文章怎么样？

很棒不太好

举报此文章

查看全部

You’re a project manager who needs to keep your project within budget. How can you do it?

1

2

3

4

5

6

1 Plan your budget carefully

2 Track and monitor your spending

3 Control your scope and changes

4 Optimize your resources and processes

5 Negotiate and communicate

6 Here’s what else to consider

Engineering Design

给文章评分

感谢您的反馈

更多Engineering Design相关文章

更多相关阅读内容

You’re a project manager who needs to keep your project within budget. How can you do it?

1

2

3

4

5

6

1 Plan your budget carefully

2 Track and monitor your spending

3 Control your scope and changes

4 Optimize your resources and processes

5 Negotiate and communicate

6 Here’s what else to consider

Engineering Design

给文章评分

感谢您的反馈

查看其他技能