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Budget Management Tips

budget-300x298The project budget is the total amount of money that is allocated to cover all the expenses associated with a project over a certain period of time.

The project managers and account managers are generally responsible for controlling the project costs associated with the budget that a company, or customer, has approved.

When securing a project, we must be mindful of the client’s objectives and of the quality of the final product that our customer expects. In general, there are three main criteria to consider: time, quality and cost (depending on the case, each one these factors will have a higher or lower priority).

A good way of measuring how successful a project might be is to see whether it meets these three criteria: 1. it is delivered on time based on the initial schedule; 2. it does not exceed the estimated costs that were first established; and 3. the customer is satisfied with the quality of the product.

The project manager is responsible for ensuring that these priorities are met; he or she must make sure that everything runs smoothly and on time. In addition to following a schedule of deliveries and organizing the resources, it is always important to monitor the process and do a final quality control before the client sees the finished product.

The best thing is to do the budget allocation in the initial stages, at the same time as the development of the project’s scheduling. The steps associated with assigning tasks to the resources depend on the stipulated time and budget.

For this reason, the pre-sale of the project is one of the key stages of the entire endeavor because that’s when decisions are made in terms of how much time is required to achieve the final product, how much it will cost and what the profits will be. The organization of the PMs and AMs is absolutely essential.

To read the original Spanish post go to:
“Gestión del presupuesto”