Categories
Management

Budgeting for Accuracy

Abstract

Building a project plan incorporates all three key areas of a project including, schedule, cost and quality.  All three of the constraints play pivotal roles in the successful completion of the project (Dobson 2004).  In budgeting the focus is to accurately estimate the resources required to complete the tasks along the plan.  There is also the allotment of resources during specific times throughout the project to release the resources.  The formulation of the budget for the project will be completed early in the project’s lifecycle but will need to have a level of accountability assigned for the proper management of those resources.  The project manager’s role is to ensure the successful implementation of the project and a part of that role is to utilize the appropriate tools and techniques to manage and lead project management activities.  The development of the scope, estimation of the budget and monitoring and controlling of the schedule and resources are all key activities.  Tools such as project scheduling tools and earned value management can add the needed level of information so that the project manager can fully understand what level of resources are providing the results needed to launch the project.