Project management: 5 tips for managing your project budget

Moira Alexander

Budget overruns are a litmus test for project success or failure. Few companies have an unlimited budget, so the first thing project stakeholders look to in determining whether their project was a great success or a colossal failure is the bottom line. As such, effective budget management is a primary area of focus for project managers who value their careers. This crucial step should be completed before budgets are set.

Using Too Many Tools Is Eating Your Budget


While too many tools can help you keep your project under control, they can also cause budget overruns. Without the right strategy and people who strive towards the same goal, the project is destined to fail. The bad thing is that they eat up much of your budget.

Connecting Project Benefits to Business Strategy for Success

Herding Cats

The answer is they come from the Strategy of the IT function. Where is the strategy defined? What are the measures of the outcomes connected to each other and connected to the top level strategy to the strategic needs of the firm. NoEstimates Balanced Scorecard Strategy

How to connect business strategy with project management

Moira Alexander

Think of the strategy and PM connection in construction terms, where the step of pouring footings and foundations needs to adequately support all other work that follows and ultimately the final structure -- in this analogy the final structure are the end goals. Suresh Srinivasan, CTO at NYU Langone Medical Center , tells CIO, within the NYU IT department there are two key components that link the business strategy and project management.

How to Analyze Business Strategy to Improve Your Projects

Brad Egeland

Connecting projects to organizational strategy can improve projects in several areas including preparation of business cases, request management, planning and resource allocation, risk management, budget control, and collaboration. Delivering successful projects enables organizations to reach their strategic objectives quickly with enhanced long-term commercial results.

Features do not a Product Roadmap Make

Tyner Blain

As an aside – the team won’t actually build all of the stuff in the PRD , nor will they build what they build when the PRD says it will happen, and it will be over-budget. Agile Prioritization Product Management Product Strategy Requirements Software development

2015 195

How to Talk About Estimates

Herding Cats

If I'm risking two weeks of work for the Scrum team of 5 people it's a much different need from the risk of a $10B manned spaceflight program being supported to congress for budget authorization. . What is an estimate?

Maintain a Healthy Project Portfolio with Metrics and Reviews

Arras People

Maintaining a healthy portfolio requires organizations to align the portfolio with strategy and to select suitable metrics to track progress. Project Portfolio Management and Business Strategy. There is a circular link between strategy and project portfolios. Budget?:

Maintain a Healthy Project Portfolio with Metrics and Reviews

Arras People

Maintaining a healthy portfolio requires organizations to align the portfolio with strategy and to select suitable metrics to track progress. Project Portfolio Management and Business Strategy. There is a circular link between strategy and project portfolios. Budget?:

What Can a Project Manager Do Next? The Project Manager Career Ladder

Project Bliss

You’d have a more strategic role to ensure that the program aligns with the business strategy of the organization. You’d have more interaction with executives to discuss overall direction to understand the corporate strategy.

2017 188

Agile Portfolio Management

Arras People

Kicking off its good to have a reminder about what organisations are struggling with when it comes to portfolio management, the pocketbook pulls these out: Difficulty incorporating change and ensuring the right things are done at the right time due to fixed long-term plans and budgets.

Agile 139

Do Start-Ups Need Project Management?

Arras People

Because start-ups need strategy and clear plans to establish sound business practices, as well as trying to obtain and retain customers. I have always firmly believed in the benefit of mapping a strategy and then developing an operational plan to deliver.

2017 151

The Best Free Project Management Resources


According to a study by led by McKinsey & Company in conjunction with the University of Oxford, a total of 45% of projects run over budget, 7% run late, and a whopping 56% of projects fail to meet initial expectations. Completing all tasks within a given timeframe and budget.

2016 161

4 Tips for Avoiding Bad Project Management Habits


Without a detailed plan, it is impossible to reliably predict delivery dates, foresee upcoming issues, or adjust strategy quickly when necessary. Taking into account realistic time expectations, your team’s availability, budget constraints, etc.,

2016 217

Project Manager Roles and Responsibilities: What does a PM Really Do?

Project Bliss

Creating the budget. As you identify all the resources you need for your project, you’ll be able to create the project budget. This post provides instructions and a template for creating a project budget.

2017 194

Project Management: 5 lessons learnt the hard way


Always keep part of your annual budget geared towards the next 5-10 years of the industry. The company’s commitment to entrepreneurs is also reflected in their content strategy; Shopify didn’t lose that start up mentality, even when the company grew bigger.

2017 130

How To Make Stakeholder Management Easier

Girl's Guide to PM

You didn’t budget properly.”. Senior management cut our budget request to $15k. And you didn’t attend that budget meeting when I invited you.”. Your exit strategy.

Project Risk Management: A Competitive Necessity

Arras People

With data current and available 24/7, all levels of employees can identify risk issues, while management can risk-adjust their business planning so that strategies and forecasts are more realistic.

2018 139

5 Most Common Mistakes in Managing Multiple Projects: Micromanagement & Leadership (Part 1 of 5)


So I’ve come up with a list of the 5 most common mistakes managers make when managing multiple projects and accompanied them with the 5 strategies that will help you become a more productive project manager who can easily complete several projects on time and on budget.

Why Do Agilest Use Waterfall As Their Stalking Horse?

Herding Cats

Here in the DOD, Waterfall went away long ago as an acquisition strategy. Who's Budget is it Anyway? Many agilest use Waterfall as the Boogeyman of software development.

Book Review – Managing Project Uncertainty

Arras People

” Author David Cleden surmises that von Moltke’s statement ‘sits at the heart of any strategy for managing uncertainty.’

2016 155

Does Size Matter?

Arras People

In my own mind the argument basically boils down to devising a strategy that recognises the type of candidates that you are looking to attract and the volumes that you are likely to consume. So whatever you require, consider the facts and adopt a strategy that fits your environment.

2016 189

Product Management 101: How to Become a Product Manager


Product managers are responsible for product strategy, developing the product roadmap, and defining features. . Product Manager: Develops products by conducting market research, determining requirements and specifications, setting production schedules, and developing marketing strategies. .

The Best 53 Project Management Blogs You Should Be Reading

Paymo App

What to expect: Using more than 15 years of experience, Ron writes mostly about project management training and strategies, benefits management, risk management, and stakeholder management. Roman Pichler: Strategy and Product Ownership. Your Strategy for Asking Powerful Questions.

2018 91

5 Most Common Mistakes in Managing Multiple Projects: Project Planning (Part 2 of 5)


You also end up being busy for longer than you need to be, and even blowing your budget. Winning strategy #2: Keep Your Plans Realistic and Up-to-date.

Managing Failure in Project Management

Arras People

A study carried out by the PMI (Project Management Institute) in 2015 showed that 45% of projects are not delivered on budget, 7% are not completed on time and 56% do not meet expectations. Take a step back as not to confuse strategy errors with personal ones.

2017 161

Let the link building games begin


I will presume that you are not working for a world-class company and you don’t possess an annual marketing budget of a few million dollars. Link Building is an integral part of our SEO strategy and it should be a part of yours.

2018 73

The Project Manager’s Guide to Simple Risk Analysis

Online PM Courses

Budget (cost). Medium: Revised Strategy needed. Risk analysis is both easy and hard at the same time. If that sounds confusing, read on, because we’ll make everything clear. But one thing is for sure.

2018 56

GAO Cost Estimating and Assessment Guide Applied to Agile

Herding Cats

These capabilities are connected to the business strategy. They implement that strategy. The order of the needed Capabilties in defined in the business strategy. . You're late and over budget before you start, and have lowered the probability of technical success.

How 5 PM Experts Create a Fail-Safe Project Management Plan


Changing expectations, shrinking budgets, and frustrating miscommunications can derail even the simplest project—and make life stressful for everyone involved. . A thorough project plan can prevent scope creep, overblown budgets, and missed goals. What’s the project’s funding strategy?

7 Best Productivity Apps For Project Managers

Girl's Guide to PM

The students aren’t project managers but they do have to manage projects, and later in their careers they’ll be handling big budget projects so the need tools that will grow with them and yet be simple to use.

2017 242

Free Professional Development in London in October

Arras People

This session looks at strategies for improving and sustaining individuals’ project management skills and competencies and how to create an organisation-wide culture of sharing and learning lessons to drive project success and reduce the risk of failure.

2016 204

Risk Management: PMP Study Guide (PMBOK 6th Edition)


Budgeting. The choices of response strategies for threats include: Avoid. The choices for response strategies for opportunities include: Exploit. A response strategy for both threats and opportunities is: Accept.

Risk 63

Project Management Basics: 6 Steps to a Foolproof Project Plan


Meet with the project sponsors and key stakeholders to discuss their needs and expectations, and establish baselines for project scope , budget, and timeline. Conduct a risk assessment and develop a risk management strategy to make sure you’re prepared.

What is a Program Manager vs. a Project Manager?


When it comes to the program, they focus on strategy and implementation, and how to delegate the projects appropriately. He or she coordinates time, budget, and resources and delegates tasks across the team.

10 Things New Project Managers Should Know

Girl's Guide to PM

Each project risk will need a management strategy and an action plan. These days, companies don’t have the budget or resources to invest in projects that don’t deliver anything useful. This article, 10 Things New Project Managers Should Know , first appeared on Girl's Guide to PM.

2017 242

How To Make 2018 A Successful Year for Your Projects

Girl's Guide to PM

I think 2018 is going to bring more focus on business success metrics and less about scope, schedule and budget. I think when we think about how we are delivering our projects, we need to focus on Business Value, Customer Satisfaction, Governance and less about coming in on time and budget.

2018 242

4 Essential Project Management Phases – The Complete Guide

Paymo App

Any error and confusion regarding the main strategy can slow down the project’s development. The budget that you set at the beginning will be used during all project development phases. Your budget can be either a pre-set one or determined as the project is being developed.

Understanding Project Portfolio Management

The constant changes in the business industry is a waking call for organizations to establish methods to increase their market profitability in a manner that is quick yet stays within the budget constraints. At the same time, organizations have to ensure that even they stick to the budget or schedule, the data being deployed are precise. This is to conserve time, budget, and resources while deploying accurate and comprehensive data. Reduced Overspending on Budgets.

Business Acumen for Project Managers [Free Checklist]

Girl's Guide to PM

Read the company’s 3 year plan or their strategy document (this might be a section in the annual report). You should be able to talk about the business context and financial context of your project as it sits within the wider operational strategy.

2016 260