Project Budgeting Best Practices

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Best Practices
Michael, London

Project Budgeting Best Practices

I love to know please how budgeting can contribute to the success or failure of a Project? Specific steps and attentions on the Project.

  Jill Mack, South Africa
 

Project Budgeting

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.

  T. Stahl, Canada
 

Why Project Budgeting is Essential

Normally, a project is successful when it is: 1. Completed on time, 2. Meeting its requirements, and 3. Completed w...

  nan zeng, China
 

Project Budgeting

It is challenging, but the following efforts may help to make budgeting projects a success: 1. Develop project scopes ...

 

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