Keep the project under budget: The fundamental things that we can do as a project manager to make sure we do manage and control the budget,
Set your budget correctly at the start and make sure we manage and control the budget and make sure we deliver the project on budget or atleast under budget.
Setting up the budget correctly at the start. During the initiation phase, we are doing a planning estimate and budgetary estimate. After initiation phase, get feasiability study done, business case approved when we can be precise of what the project is going to be and start a portion of execution and contengenct that you hold yourself as .
Good estimate are key. We should run 3 different type of estimate.
Top down estimates, parametric estimate, we use past projects, different parameters that the projects should deliver, (how many systems we have to integrate with, how many end users will be using the applications) * amt of effort the task requires to achieve that deliverable and that gives the top- down estimates.
Bottom Up estimates: Get the experts who have done before and have them list the number of activities to achieve this deliverable. Sum up to the bottom of the list.
Organize the task for top down and bottom up into schedule, assign resources, blow the tasks across time, see how they integrate and add up the estimates the project schedule has given me.
Corrolate the three estimates and get the better feel for the variance between them and the variance of what that budget is going to
Identify Risks: With the whole project team we identify the risks in the beginning will help you to kick off in the right direction with accurate and realistic budget from the stakeholders and project team members. It's important to identify the risk in the start of the project and periodically revisit that risk to register the project and have the whole team identify the risk. Immediately after the project kick-off we need to monitor and manage budget closely,
Monitor and manage it frequently thro' execution phase.
the team: We need to get the team who actually invested into the budget itself. The team members should buyinto the estimates they are putting together, own the accountability to deliver them on budget and time and watch their individual task leading on to achieving the deliverables for each project. The team is the key part to magae the project so that we acn be on or under budget.
get what you inspect: The team is out there who owns the estimates and are open and honest about what they are doing and their progress. They are owning the estimate, we still need to inspect it. You never get what you expect if we no not inspect, probing questions to the project team, try to uncover more risk items which could cost, putting the risk items in the register, managing them and mitigating risk so that they do not occur and minimize the risks if they do occur.
basics: The basics to ensure we are hitting the budget is about monitoring and control, it is the weekly status reporting. It is showing progress against task.
getting fancy, talking to the team members on a weekly basis about how it is going and if they are not achieving what they setout to achieve with the estimates expected then ask what else do we need to get them back on track. Working with the team members, going out there every day esuring that they are achieving their objectives, reporting on that the status report and nearly putting up in foront of the project team to see how they are doing on task for all to see, they will be motivated to achieve their objective on the effort estimates they
ask for. if they achieve that, you got your budget.
Getting fancy: is about doing the earn value calculation, the budgeted cost, your work schedule against actual cost and work schedule, the schedule variance, the cost variance, the schedule variance index, the cost variance index to show people how you are tracking the project and what we intend to achieve in terms of the cost estimates
Set your budget correctly at the start and make sure we manage and control the budget and make sure we deliver the project on budget or atleast under budget.
Setting up the budget correctly at the start. During the initiation phase, we are doing a planning estimate and budgetary estimate. After initiation phase, get feasiability study done, business case approved when we can be precise of what the project is going to be and start a portion of execution and contengenct that you hold yourself as .
Good estimate are key. We should run 3 different type of estimate.
Top down estimates, parametric estimate, we use past projects, different parameters that the projects should deliver, (how many systems we have to integrate with, how many end users will be using the applications) * amt of effort the task requires to achieve that deliverable and that gives the top- down estimates.
Bottom Up estimates: Get the experts who have done before and have them list the number of activities to achieve this deliverable. Sum up to the bottom of the list.
Organize the task for top down and bottom up into schedule, assign resources, blow the tasks across time, see how they integrate and add up the estimates the project schedule has given me.
Corrolate the three estimates and get the better feel for the variance between them and the variance of what that budget is going to
Identify Risks: With the whole project team we identify the risks in the beginning will help you to kick off in the right direction with accurate and realistic budget from the stakeholders and project team members. It's important to identify the risk in the start of the project and periodically revisit that risk to register the project and have the whole team identify the risk. Immediately after the project kick-off we need to monitor and manage budget closely,
Monitor and manage it frequently thro' execution phase.
the team: We need to get the team who actually invested into the budget itself. The team members should buyinto the estimates they are putting together, own the accountability to deliver them on budget and time and watch their individual task leading on to achieving the deliverables for each project. The team is the key part to magae the project so that we acn be on or under budget.
get what you inspect: The team is out there who owns the estimates and are open and honest about what they are doing and their progress. They are owning the estimate, we still need to inspect it. You never get what you expect if we no not inspect, probing questions to the project team, try to uncover more risk items which could cost, putting the risk items in the register, managing them and mitigating risk so that they do not occur and minimize the risks if they do occur.
basics: The basics to ensure we are hitting the budget is about monitoring and control, it is the weekly status reporting. It is showing progress against task.
getting fancy, talking to the team members on a weekly basis about how it is going and if they are not achieving what they setout to achieve with the estimates expected then ask what else do we need to get them back on track. Working with the team members, going out there every day esuring that they are achieving their objectives, reporting on that the status report and nearly putting up in foront of the project team to see how they are doing on task for all to see, they will be motivated to achieve their objective on the effort estimates they
ask for. if they achieve that, you got your budget.
Getting fancy: is about doing the earn value calculation, the budgeted cost, your work schedule against actual cost and work schedule, the schedule variance, the cost variance, the schedule variance index, the cost variance index to show people how you are tracking the project and what we intend to achieve in terms of the cost estimates
