The top priority of project managers is to ensure the overall
success of a project. When a project goes over the budget, even if it is
delivered on time and meets the needs of the end user, it is not considered a
success.
Ronald Kister, as an IT consultant, knows how important it is to
remain within the project budget for every client he works with. Managing a
project budget can be difficult, but with these four strategies, you can
maintain control of your project budget.
1. You
need to continually forecast the budget to prevent it from getting too far out
of control. It is much easier to correct a budget that is over by ten percent
than it is to correct one that is over by fifty percent.
2. Just
like continually revisiting the budget in order to keep on track, you need to
do the same for the usage of your resources. You should constantly be reviewing
the number of people working on the project and any that you may need in the
future.
3. Always
keep your team informed of the budget forecast. By keeping your team informed
you are empowering them to take ownership of the project and be more inclined
to keep watch on their project charges.
4. Unplanned
work is one of the leading causes of a project to go over its budget. Create
change orders for work that isn’t listed in the initial requirements of the
project to allow for additional funding to cover the costs.
Project managers who carefully watch their budgets throughout
the project will experience greater success.
Ronald Kister has been
successfully managing project budgets for more than ten years as an Information
Technology Director and IT consultant.
