Tag: budgets

PM Tip, Week of 4 August

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PM Tip, Week of 17 March

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PM Tip, Week of 10 March

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PM Tip, Week of 18 February

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The Speed and Economics of Trust

To prepare for the PMI Leadership Institute Masters Class in October, I’ve been reading a digest of Steven Covey’s book, The Speed of Trust. He suggests that trust simply means confidence and that trust impacts (in PM terms) time and cost. We can see how this operates in the world around us: – the cost […]

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Practical Budgeting for Project Managers – Conclusion

Budget Risk AssessmentOnce you have created your draft budget, it should be subjected to the same review process as estimates discussed within the course materials. A line by line review should look for all the risks. Depending on your company and/or client policy, having a 15-25% contingency to manage risks is normal. You may want […]

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Practical Budgeting for Project Managers – Part II

As you start to plan your budget, you should review previous budgets for similar work if they are available. You will need to form the budget based on historical experience and performance, plus your current WBS and estimates. When the schedule is created, you will need to look at resource availability. The most difficult part […]

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Practical Budgeting for Project Managers – Part I

[In a recent update to an online course, Controlling Project Costs and Risks, I added a version of this material] What is a Project Budget?Let’s start with the PMBOK® Guide, Fourth Edition definition: [Budgeting] is the process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline. Project […]

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Just Think of all the Money That We’ve Saved!

[This week I’m pleased to announce that Susan Peterson, a long time colleague and admired author will be joining The Project Notebook as a monthly contributor. Up to this point, The Project Notebook has focused on Project Management basics and topics related to project control. With Susan’s contributions, as well as a new direction for […]

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