From the course: Project Management Foundations: Budgets
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The right metrics for budget management
From the course: Project Management Foundations: Budgets
The right metrics for budget management
- When I think about budget management, I think about driving with my GPS. I enter where I want to go and pay attention to it when there's an upcoming turn or if I hear the ominous "Recalculating," meaning I've taken the wrong road. When you've built and confirmed your project budget, it's like entering your destination in the GPS. As the project progresses, you may take turns you planned for and turns you didn't plan on. Those unexpected turns are when you spend more or less money than you intended or at a different time than you planned. The metrics you use to manage your budget should alert you to those turns and recalculations you need to make. You might vary from your planned budget, but that's okay. Understand why. Here are some tips for understanding variances. First, you need to collect the cost of your project team. To know if you're on track, you need to plan for the people you'll have working on your…
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