Wednesday, March 28, 2018

Keeping budget under control

There are four main questions that your CEO could ask you about a very visible or critical project you may be managing. You better be ready to answer these questions and back them up with proof.

The questions are:

  • Is the project on Budget?
  • Is the project on time?
  • Is the customer satisfied?
  • Is the project going to deliver a usable solution?

Keep watch on Scope
Scope of the project is the foundation document of your project. Understand thoroughly the meaning of the scope defined & make it clear before starting the project. Spilling of the scope is the first enemy of your budget.

Forecast resources carefully
Resources are expensive. Decide the skill-set required. Choose the resources carefully. Communicate the deliverables clearly.

Perform Project Budget Analysis on weekly basis
Identifying issues early can help in correcting the issues before they become ‘Problem’.
Inform customer, if necessary.