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Project Budgeting Best Practices
Michael
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I love to know please how budgeting can contribute to the success or failure of a Project? Specific steps and attentions on the Project. (...) Read more? Sign up for free
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Project Budgeting
Jill Mack
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Project budgeting best practises for me:
- Ensure you have a procurement strategy in place ensuring that you comply with your preferred suppliers.
- Get 3 quotes, evaluate the 3 quotes and appoint the supplier.
- List all cost you intend in the budget for the business case. Get approval for all cost.
- Ensure that you have a change request budget too. This budget is small and caters for all smaller, unknown items that creep in which you are not aware of, but affect your budget.
- Once all of this has been approved in the business case, all your stakeholders are in the loop of all cost.
I am currently working on a office move project but is a failure due to the budget that was not setup properly which has resulted in a budget increase of 4 million - not acceptable.
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Special Interest Group Leader
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Jean-Michel de Jaeger, EMBA, PMP