Blog, Budget, Estimate and Information - Project Management Update

Tracking Budget Variance in Project Management

ProjectManager.com

MAY 9, 2024

Those disruptions can play havoc on a project’s budget. Therefore, project managers are always tracking budget variance to deliver projects without breaking the bank. We’ll define project variance below as well as what a budget variance analysis is. What Is Budget Variance?

Budget

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What Is an IT Budget? IT Budgeting Basics (Template Included)

ProjectManager.com

NOVEMBER 30, 2023

Information technology (IT) runs most businesses. Managing information costs and managing information security for those costs are part of making an IT budget. First, we need to understand what an IT budget is, how often they’re made and what is the best size for one. What Is an IT Budget?

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What Is a Business Budget? Business Budgeting Basics

ProjectManager.com

JULY 11, 2023

Every business, even a not-for-profit business, needs a budget. A business budget can be looked at as the fuel that drives the business. To understand what that means, we first have to define what a business budget is, which we’ll do in a moment. What Is a Business Budget? There’s no setup required.

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Bottom-Up vs. Top-Down Budgeting Approaches

ProjectManager.com

JANUARY 4, 2024

There are many ways to approach budgeting. Two of the more common approaches are bottom-up budgeting and top-down budgeting. Knowing which is right for you starts with understanding both of these budgeting approaches. Then we’ll show you how to make a budget using both so you can make an informed decision.

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What Is an Operating Budget? Key Components & Template Included

ProjectManager.com

MAY 16, 2023

An operating budget is a tool that helps business owners and project managers alike to look at the long-term financial needs of their organization or project. It’s instrumental in forecasting the budget needed to run your business or project. We’ll explain that and go into what should be included in your operating budget.

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Rough Order of Magnitude (ROM): Understanding ROM Estimates

ProjectManager.com

OCTOBER 19, 2022

Rough order of magnitude (ROM) can help you better estimate project costs. But what is ROM and how can you calculate ROM estimates? We’ll explain the process, define the term and detail the steps for making a rough order of magnitude estimate. As noted, the rough order of magnitude is a technique to estimate project costs.

Estimate

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Project Budget Template for Excel

ProjectManager.com

SEPTEMBER 16, 2020

A project budget contains the financial details of your project, including the estimates of all the money you need to layout to lead a successful project, from resources to materials. Monitor project expenses with this Excel budget template. The budget is the life’s blood of your project, so you need to monitor it accurately.

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What Is a Budget Report? Purpose, Components & Benefits

ProjectManager.com

APRIL 25, 2023

Whether you’re running a company or a project, you’re going to have to deal with a budget. A budget is the spending plan that you forecast using estimates of income and expenses. A budget report is a necessary tool to manage your finances and keep your business or project viable. What Is a Budget Report?

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The Budgeting Process in Business & Project Management

ProjectManager.com

JUNE 6, 2023

Without funding and the proper budgeting process, projects in any industry grind to a halt. Budgeting is how those funds are spent. But first, let’s define what a budget is and explore the types of budgets and methods for making a budget. What Is a Budget? It plans your spending over a specific timeframe.

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How to Create an Event Budget

ProjectManager.com

NOVEMBER 22, 2022

Having to make an event budget adds another layer of stress. But it doesn’t have to be a nightmare if you follow a few simple steps to creating an event budget. Successful events should be fun and informative. If you’re struggling with the event budget it can negatively impact the whole event. What Is an Event Budget?

Budget

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Create & Manage a Project Budget Using Software

ProjectManager.com

MARCH 21, 2022

Whether you’re a numbers person or not, as a project manager, ownership of a budget is usually a key part of your job responsibilities. Creating and managing a project budget can be a daunting task, but it can be easy if you use the right project budgeting software. What Is a Project Budget? Learn More!

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Construction Budget: A Quick Guide (with Examples)

ProjectManager.com

AUGUST 26, 2021

Creating a construction budget, therefore, is one of the most important pieces when developing a construction plan. How do you create a construction budget, anticipate the costs for a project and track them to make sure you’re not overspending? Let’s take a look at what goes into making a construction budget. Learn More!

Construction

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Project Estimation Techniques: A Quick Guide

ProjectManager.com

AUGUST 10, 2022

A successful project starts with a successful estimate. All of these considerations are part of project estimation techniques. Estimation techniques are helpful for making decisions on the viability of your project. What Are Project Estimation Techniques?

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How to Create Marketing Budget: A Quick Guide

ProjectManager.com

NOVEMBER 16, 2022

A marketing budget is how marketers know how much they can spend on their campaign. Understanding how to create a marketing budget is a key element of any marketing plan. Once you’ve made the marketing budget, you have to track it to ensure you stay within your marketing budget. What Is a Marketing Budget?

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Calculating Estimate at Completion (EAC)

ProjectManager.com

JUNE 24, 2021

One of these formulas solves for Estimate at Completion — an important metric for monitoring a project budget. Keep reading to learn why to always calculate Estimate at Completion and exactly what this formula can do. What is Estimate at Completion (EAC)? Your EAC can then be compared to the originally projected budget.

Estimate

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Cost Estimation for Projects: How to Estimate Accurately

ProjectManager.com

AUGUST 21, 2019

Good cost estimation is essential for keeping a project under budget. Many costs can appear over the life cycle of a project, and an accurate estimation method can be the difference between a successful plan and a failed one. Estimation, however, is easier said than done. An Overview of Cost Estimation.

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Best Construction Estimating Software of 2022

ProjectManager.com

MAY 3, 2022

Construction estimating is one of the most important parts of landing a construction project. That’s why you need construction estimating software to make your forecast as accurate as possible. Making the decision to get construction estimating software is the easy part. What Is Construction Estimating?

Construction

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What is Level of Effort (LOE)? Plus, 5 Tips for Effort Estimation

ProjectManager.com

JULY 21, 2021

One common example is a budget report. To create an accurate budget report, you must keep up with supporting activities like submitting receipts and expenses, communicating with stakeholders, recording cost changes, etc. What Is Effort Estimation? These estimations are the foundation of sound project planning.

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How to Make a Gantt Chart in Google Docs (Template Included)

ProjectManager.com

JUNE 12, 2024

In this blog, we’ll review the main pros and cons of making a Gantt chart in Google Docs. Google Docs Gantt can’t track all the details of project tasks, such as their percentage of completion, estimated costs and critical path activities , among many other things. There are many free and paid software that can make a Gantt chart.

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Google Sheets Kanban Board Template: Manage Workflows Online

ProjectManager.com

APRIL 9, 2024

Kanban cards can add detailed project task information, such as task description, due dates and estimated duration. This free kanban board template for Google Sheets has pre-made kanban columns and kanban cards with sample project information that can be easily edited and customized as needed. Just follow the steps below.

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Resource Requirements in Project Management: A Quick Guide

ProjectManager.com

MARCH 12, 2024

Once one understands what resource requirements are in project management, next there is estimating what those resources will be and managing them. Resource requirements in project management allow project managers to know what they’ll need to execute their tasks and deliver the project on time and within their budget. It’s also money.

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Schedule of Values in Construction (Example & Template Included)

ProjectManager.com

DECEMBER 27, 2023

There are complicated projects and the contractors use the schedule of values to help stay on budget and not eat into their profit margin. Contractor profits are dependent on keeping to the budget, which is as accurate a forecast of project cost as they can estimate. You’ll start by collecting the necessary project information.

Construction

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RFI in Construction: A Quick Guide for Contractors

ProjectManager.com

MARCH 8, 2024

An RFI in construction is a request for information. The request for information identifies these information gaps or ambiguities and the decisions regarding them are shared over the project’s life cycle. An army of subcontractors each with their own specific discipline complete construction projects.

Construction

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The Construction Resource Management Process Explained

ProjectManager.com

JANUARY 9, 2024

There are so many different subcontractors and all have to work together to deliver the project on time and within budget. The purpose is to help those projects be delivered on time and within budget. Construction drawings and plans inform the material takeoff. This will be the start of your construction project budget.

Construction

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How to Create a Project Timeline In Excel (Free Template Included)

ProjectManager.com

FEBRUARY 7, 2024

A project timeline is a project scheduling tool that’s used to estimate the total duration of a project from start to end by mapping tasks, deliverables and milestones in chronological order. Then, set a baseline to track planned progress and costs against actual progress and costs to avoid missing deadlines and overspending your budget.

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The Gantt Chart in Construction Project Management: Understanding the Best Planning & Scheduling Tool

ProjectManager.com

FEBRUARY 15, 2024

We’ll show you how to make a Gantt chart in ProjectManager and why construction Gantt charts help deliver projects on time and within budget. Much of that information then automatically populates the visual timeline to the right. This will help inform the budget , resources and more. What Is a Construction Gantt Chart?

Construction

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How to Create a Power BI Dashboard: Pros & Cons (Example Included)

ProjectManager.com

JUNE 5, 2024

A lot of information can be collected on the Power BI dashboard, which makes it imperative that it’s well-designed and only captures the highlights. Learn more Microsoft Power BI Dashboard Example We’ve created a Power BI dashboard that can help you compare estimated costs and duration of project tasks against their actual values.

Software Review

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Building Budgets: A Guide to Accurate Construction Cost Estimates

Wrike

OCTOBER 4, 2023

Accurate construction cost estimates are crucial for successful project planning and execution. A well-developed budget lays a solid foundation for managing costs and ensures that projects are completed within financial constraints. Moreover, accurate cost estimates play a crucial role in financial planning and control.

Construction

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Project Intake Process: Prioritizing Project Requests & Proposals

ProjectManager.com

JANUARY 10, 2024

Having a single entry point for these requests is the best way to capture key information and fully understand the costs, benefits and impact of the request before committing to it. ProjectManager is award-winning project management software that estimates project costs and creates budgets to show the viability of the request.

Process

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Project Cost Estimation: A Guide to Quoting Profitable Projects

Scoro

MAY 30, 2024

You might be struggling with accurate cost estimates. They’re the foundation for setting realistic budgets, avoiding costly overruns, and ensuring your projects stay on track financially. What is project cost estimation? These estimates then shape your pricing, project plans, and project budgets.

Project Cost

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Free Google Sheets Timeline Template: Create Plans Online

ProjectManager.com

APRIL 18, 2024

Monitor Resources and Costs In Real-Time ProjectManager can also schedule resources and track their utilization as project tasks are completed, estimate the cost of these resources and compare them against the actual costs of projects using various tools including real-time project dashboards , timesheets, workload management charts and reports.

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Project Financial Management: Managing Project Financials

ProjectManager.com

NOVEMBER 21, 2023

To do this requires planning, estimating, budgeting, funding, managing project expenses and billing. The budgeting part of project financial management is by far the most important aspect of this process. Estimate the Cost of Project Resources Not only must you make a resource plan, but estimate the cost of those resources.

Finance

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How to Make a Contractor Payment Schedule in Construction (Template Included)

ProjectManager.com

MARCH 22, 2024

Project Information: The name of the project, where it’s located and a description of the project is always in the contract, including the start date and its expected duration. Not only does it define payment, but it can help keep the schedule on track by avoiding disputes and staying within the budget.

Construction

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Estimating Projects: What you Need to Know

nTask

JUNE 8, 2021

Estimating projects is part and parcel of project management for any project. However, estimating projects with accuracy is not always so successful. In fact, many of the issues in project management can be traced back to failed attempts at estimating projects. Why Does Estimating Projects so Often go Wrong? Your project.

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What Should You Include in Your Preconstruction Meeting Agenda?

ProjectManager.com

MARCH 20, 2024

Construction projects are structured with schedules, budgets and resource allocation. To help you once you break ground on your construction project, we’ll throw in some free construction project management templates on estimating, scheduling and budgeting. What Is a Preconstruction Meeting?

Construction

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12 Free Project Planning Templates for Excel and Word

ProjectManager.com

FEBRUARY 27, 2024

Using project planning templates can help you schedule tasks, estimate budgets and allocate resources. They organize your tasks, help you write a project charter, come up with an accurate budget and so much more. That’s how you deliver on time and within budget. Project Budget Template All projects cost money.

Planning

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Estimating Agile Projects.Or Not

Leading Answers

AUGUST 25, 2020

Project managers generally like plans and estimates so we can forecast when things should be done and how much they may cost. " So, when project managers hear about ideas such as "let's stop estimating," it can trigger a knee-jerk reaction. It sounds lazy and avoiding the hard work of having to estimate.

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Organizational Resources Basics: Managing Company Resources

ProjectManager.com

DECEMBER 29, 2023

They include funding, staffing, facilities and equipment, technology, informational resources and program and portfolio materials. Forecast the Future Resource Requirements of Your Organization To achieve your strategic goals you need to have an accurate estimation of what you need to get there. They’re like an instant status report.

Manufacturing

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Analogous Estimating: A Comprehensive Guide

Teamweek

OCTOBER 26, 2023

Analogous estimating is a popular estimation technique used by project managers across industries. This technique looks at previous similar projects to create project estimates. What is analogous estimating? You can estimate project parameters such as scope, cost, budget, and project duration using analogous estimating.

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Best Cost Control Techniques

ProjectManager.com

OCTOBER 5, 2023

Cost control as a process begins with budgeting. Actual financial results are compared with the budgeted expectations and if the actual costs are more than what was budgeted, actions to reduce those costs must be implemented. Again, the more accurate the budget, the more likely you can adhere to it and stay profitable.

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Top-Down Estimating: A Comprehensive Guide

Teamweek

NOVEMBER 3, 2023

Top-down estimating is a form of estimation where existing knowledge of similar projects is used in the estimation process to produce a ballpark figure for the total cost. Like other methods to estimate a new project’s cost , top-down estimation has advantages and disadvantages. What is top-down estimating?

Estimate

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Why You Should Use Ranged Estimation for Your Projects

LiquidPlanner

JANUARY 4, 2023

I my first 15 years, I used single-point estimation to build project schedules. The next ten years I used ranged estimations with traditional Gantt chart project scheduling software tools – this was better but cumbersome. Ranged estimation has been around since the introduction of PERT and the three-point estimation method.

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Unraveling the Causes of Troubled Projects: A Closer Look

Project Risk Coach

JUNE 4, 2023

These projects often fail to meet their objectives, experience delays, exceed budgets, or even result in complete failure. In this blog post, we will explore some of the key factors that can lead to project trouble and discuss strategies to mitigate their impact.

Risk Management

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How to Make a Gantt Chart in Word (Template Included)

ProjectManager.com

FEBRUARY 20, 2024

Project documentation, such as the project budget, project schedule or project plan, is critical for the successful delivery of projects. All you’ll need to do is edit the information in the Gantt chart table shown in the image. Project Budget Template In addition to your project schedule, you’ll need a project budget.

Software Review

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Tracking Budget Variance in Project Management

What Is an IT Budget? IT Budgeting Basics (Template Included)

Webinars

Trending Sources

What Is a Business Budget? Business Budgeting Basics

Webinars

Bottom-Up vs. Top-Down Budgeting Approaches

What Is an Operating Budget? Key Components & Template Included

Rough Order of Magnitude (ROM): Understanding ROM Estimates

Project Budget Template for Excel

What Is a Budget Report? Purpose, Components & Benefits

The Budgeting Process in Business & Project Management

How to Create an Event Budget

Create & Manage a Project Budget Using Software

Construction Budget: A Quick Guide (with Examples)

Project Estimation Techniques: A Quick Guide

How to Create Marketing Budget: A Quick Guide

Calculating Estimate at Completion (EAC)

Cost Estimation for Projects: How to Estimate Accurately

Best Construction Estimating Software of 2022

What is Level of Effort (LOE)? Plus, 5 Tips for Effort Estimation

How to Make a Gantt Chart in Google Docs (Template Included)

Google Sheets Kanban Board Template: Manage Workflows Online

Resource Requirements in Project Management: A Quick Guide

Schedule of Values in Construction (Example & Template Included)

RFI in Construction: A Quick Guide for Contractors

The Construction Resource Management Process Explained

How to Create a Project Timeline In Excel (Free Template Included)

The Gantt Chart in Construction Project Management: Understanding the Best Planning & Scheduling Tool

How to Create a Power BI Dashboard: Pros & Cons (Example Included)

Building Budgets: A Guide to Accurate Construction Cost Estimates

Project Intake Process: Prioritizing Project Requests & Proposals

Project Cost Estimation: A Guide to Quoting Profitable Projects

Free Google Sheets Timeline Template: Create Plans Online

Project Financial Management: Managing Project Financials

How to Make a Contractor Payment Schedule in Construction (Template Included)

Estimating Projects: What you Need to Know

What Should You Include in Your Preconstruction Meeting Agenda?

12 Free Project Planning Templates for Excel and Word

Estimating Agile Projects.Or Not

Organizational Resources Basics: Managing Company Resources

Analogous Estimating: A Comprehensive Guide

Best Cost Control Techniques

Top-Down Estimating: A Comprehensive Guide

Why You Should Use Ranged Estimation for Your Projects

Unraveling the Causes of Troubled Projects: A Closer Look

How to Make a Gantt Chart in Word (Template Included)

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