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How to create a project budget

Rebel’s Guide to PM

I have left items out of several project budgets and I can tell you it’s pretty embarrassing having to ask your project sponsor to approve spending from the reserves because you messed up the budget. In this article we’ll look at how to segment costs, how to find out the cost of things, and then how to structure your budget.

Budget 301
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How to Build and Implement a Project Strategy

ProjectManager.com

This sets boundaries on the project and defines its goals, deadlines and deliverables to help hit your goals. Estimate Resources Resources are the people, equipment and materials you need to complete the project. Create a Project Budget The project budget will determine the resources, which is the estimated costs of the project.

Budget 367
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14 Common Project Risks (+ more)

Rebel’s Guide to PM

However, at the beginning of your project when your risk log is empty, it can be a bit of a challenge to think of all the stuff that might need to go on there. In this article we’ll look at common project risks so you can start filling up your risk log and making the right plans. Here is a list of common project cost risks.

Risk 317
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Project Selection: Use These 8 Selection Methods for Better Strategic Results

ProjectManager.com

Cost-benefit analysis is used to estimate the costs and benefits associated with a particular project. In other words, it’s a method to discover the most cost-effective way to execute a project. This method is about reducing the project cost by shortening the time necessary to complete the project.

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Estimates, Forecasts, Projections

Herding Cats

An Estimate is a value inferred for a population of values based on data collected from a sample of data from that population. The estimate can also be produced parametrically or through a simulation (Monte Carlo is common, but Method of Moments is another we use). . Estimates can be about the past, present, or future.

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Five Favorite Dashboards from LiquidPlanner!

LiquidPlanner

Gretchen works with a lot of our larger manufacturing customers, and many of them find this team dashboard useful in their day to day processes. Indicates that the task either needs to be estimated or marked done. Tasks or projects that haven’t been updated in X amount of time. Team Dashboard. How does this dashboard work?

Estimate 121
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Epistemic Uncertainty Creates Reducible Risk

Herding Cats

Only margin can be provided to protect the project's cost, schedule, and technical performance from this risk. Estimates lead to buffers. Reducible Cost Estimating Risk - is dependent on technical, schedule, and programmatic risks, which must be assessed to provide an accurate picture of the project cost.

Risk 37