October 24th, 2018
The success of your project management is most often judged on if it was within budget and completed on time. These facts are indisputable and can be your key to future career success. Use these four tips how to keep your project within the scope of budget and time.
Conduct a Needs Assessment
Understanding the stakeholders' expectations is not always as easy as it sounds. By jointly identifying, documenting and confirming expectations, you can set milestones and start to develop a budget.
Budgeting for the Unexpected
Getting input from all stakeholders’ is critical in this area. Just as important, is to build contingencies. So many aspects of project management that can go wrong are out of your control. External forces impact so many variables including: Pricing of supplies, resources, labor, financing, product/service shortages, currency exchange, labor strikes, and natural disasters. You may have all the trust in the world with a preferred vendor, but still need a plan B, to ensure you are not surprised by the unexpected.
Develop KPIs for Budget
Key performance indicators (KPIs) help you and your stakeholders determine how much has been spent, compared to budget. Common KPIs to determine budget performance are actual cost, cost variance, earned value, planned value, and return on investment.
Communicate and Manage Expectations
One of the most important parts of project management is communicating to the leadership team the project timeline and any obstacles you foresee or have encountered that could prevent reaching documented milestones and deliverables.
Experienced project managers are high-demand professionals. If you are a project manager seeking your next career opportunity, contact one of ASB Resources professional recruiters today.