Do you have a project that needs to stay on budget? What is your budget for this project? What steps will you take to stay on budget? I know, your company is trying to keep a tight budget to survive. But will this product/service make you money? There lies the importance of the budget.
We will continue on with my nine-blog session on Project Management. I will expand on each management segment of my past blog on Project Management.
Budget Management – create your budget schedule from the start of your project. Make sure the budget reflects all aspects of the hardware and materials you need to assemble. Also keep in mind other costs such as transportation, employees (or other help) and other odds and ends that could deplete your budget. Do not stray from your budget. You need to pay attention and commit to your cost constraints.
What can you afford? Will you have enough money to finish the project? What raw materials can you make do? Will you need to borrow money? These are questions you need to answer for each project’s budget.
Each project will have financial needs that you need to think through before you start. Is the project worth the cost? Before your project starts, you need to figure if the project will add income to your business. Is this a project to start your home business? Will this project make money to get your business going? For a business to be successful, you may need projects to broaden your company’s value. Either way, plan and make sure your project produces more financial success than what you spent.
Budget Project Management Check List
1) Know what the project is going to cost – at this point you may decide that the project will cost more than what it’s worth
2) Make sure you have the funds to finish the project – will you need more funds
3) Keep a constant eye on how much money flows why your project is going – create a spreadsheet to keep on hand – keep good records of your money – keep all your receipts
More on Budget Project Management
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