A project budget is managed first by creating realistic estimates for the cost of the project (not necessarily the estimates your boss wants to hear). Once the initial budget and reserve amount are decided upon, a baseline should be established. Monitoring the cost of each task and the total, cumulative cost of the project regularly is the key to keeping project costs under control.
Whether you use percent complete, variance, or other techniques to analyze where you are with your project budget, if the project budget starts getting off track, you’ll need to start rearranging things to stay on track. Remember, though, that you should keep a flexibility grid in mind as…
Vincent M: "EVM requires a baseline plan to measure progress against. For Scrum you could ge…" on Agile + Earned Value
February 3, 2012
Chris W: "This is a very interesting topic especially since I am in the trenches of tradit…" on Agile + Earned Value
February 3, 2012
Andreea T: "Very interesting article that presents the essence of complex adaptive systems! …" on Mastering the Unpredictable
February 3, 2012
haresh t: "Nice article .. Its all about knowing the team members, their roles and more imp…" on The No-Drama PM
February 3, 2012