What are the best practices for estimating and controlling the project budget and schedule?

1 Use a Work Breakdown Structure (WBS)

A WBS is a hierarchical decomposition of the project scope into manageable tasks and deliverables. It helps you to define the project objectives, assign responsibilities, allocate resources, and track progress. A WBS also helps you to estimate the cost and time required for each task, by using historical data, parametric models, or expert judgment. You can use software tools, such as Microsoft Project or Primavera, to create and update your WBS.

2 Apply Earned Value Management (EVM)

EVM is a method for measuring the performance and progress of a project, by comparing the actual cost and schedule with the planned budget and baseline. EVM helps you to identify variances, trends, and risks, and to take corrective actions accordingly. EVM also helps you to forecast the final cost and completion date of the project, by using indicators such as cost performance index (CPI) and schedule performance index (SPI). You can use software tools, such as Excel or EVM Calculator, to perform EVM calculations.

3 Implement Risk Management Processes

Risk management is the process of identifying, analyzing, and responding to the uncertainties and threats that may affect the project objectives, budget, and schedule. Risk management helps you to reduce the likelihood and impact of negative events, and to exploit the opportunities and benefits of positive events. Risk management also helps you to communicate and document the risks and their mitigation strategies, and to monitor and review them throughout the project lifecycle. You can use software tools, such as Risk Register or Monte Carlo Simulation, to support your risk management processes.

4 Adopt Agile Practices

Agile is a flexible and iterative approach to project management, that emphasizes collaboration, feedback, and adaptation. Agile helps you to cope with changing requirements, expectations, and priorities, and to deliver value to the customer in short cycles. Agile also helps you to improve the quality and efficiency of your work, by using principles such as self-organizing teams, continuous improvement, and test-driven development. You can use software tools, such as Jira or Trello, to facilitate your agile practices.

5 Involve Stakeholders Regularly

Stakeholders are the individuals or groups that have an interest or influence in the project outcome, such as clients, sponsors, contractors, regulators, and end-users. Involving stakeholders regularly helps you to understand their needs, expectations, and concerns, and to align them with the project objectives, budget, and schedule. Involving stakeholders also helps you to gain their support, trust, and feedback, and to manage their expectations and satisfaction. You can use software tools, such as Zoom or Slack, to communicate and collaborate with your stakeholders.

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?