Step 5: Control your project budget

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maksudasm
Posts: 544
Joined: Thu Jan 02, 2025 7:10 am

Step 5: Control your project budget

Post by maksudasm »

It is necessary to constantly monitor the ratio of actual and planned costs. This way, you can see, for example, that the project will require additional investments or an increase in the volume of work. With regular monitoring, it will be possible to change individual aspects of the projects and stay within the plan.

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Step 6: Develop a process for making budget changes
Once the budget is approved, it is the project manager's job to ensure that it is followed exactly. Changes may be made if the scope or schedule of work changes as required by the business.

But if there is a need to change the volume or timing, when recalculating the budget, adjustments should be made to all components of the project that these changes affect.

The project team should have a procedure for making changes to the budget. It is advisable to develop a form for requesting adjustments and set up automatic sending of notifications about new messages in it for all interested participants.

Step 7: Analyze the completed project budget report and save it in the archive
When analyzing the report, the positive and negative aspects are assessed. It is necessary to make sure that the actual expenses are accurately and correctly entered into it. Such information will be useful when preparing budgets for future projects.
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