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How to Manage Your Project Budget: 5 Essential Tips


As a project manager, one of the main worries that you may face is budget overruns. When set a specified budget, it’s important that you do all that you can to adhere to what your stakeholder or client wants, so here are 5 essential tips when it comes to managing your project budget.


Understand Your Stakeholder

Whether you’re working with a new or long-term stakeholder, it’s important that you adhere to their wishes. If you go against the grain and try something different, you may not complete the project successfully, which can cause all sorts of problems between you and the stakeholder. Make sure that you spend as much time as possible understanding what your stakeholders expect from you. Identifying, documenting, and confirming project requirements before getting started is key.


Factor in Changes

When estimating costs, there can be all sorts of changes that may need to be made along the way, so it’s crucial that you create a contingency plan to account for this. Factoring in things that you have no control over, like external environmental considerations which may have an impact on supplies and resources, can help you stay on track with the project and make sure that stakeholders are getting accurate and up to date information.


Develop Relevant KPIs

When it comes to managing a project budget, you won’t get very far without pinpointing KPIs (key performance indicators), which help you establish how much you have spent on the project, and whether the budget you have been set with matches the overall cost at the end. There are various project KPIs which you can use throughout a project such as actual cost, cost variance, and return on investment.


Have Clear Communication

If you aren’t communicating effectively with your team, stakeholders, and clients, the chances are the project you’ve been assigned won’t be completed sufficiently. Regardless of how big the project is, you need to put in your all to ensure you get repeat custom, so being honest and open with your team, staying in touch with stakeholders, and being on hand to address any flaws can make a big difference.


Use the Latest Tools

If you’re the type of project manager who has become accustomed to a certain software, it may be time to try something different. Giving stakeholders and clients the best service possible should be your number one aim, so investing in the latest project management tools can help you get a better understanding on the project, thereby helping you to provide an excellent service. Using the best software and tools on the market can also make sure you stay on track with the project, know how to manage the budget, as well as understand charts and project dashboards. For a list of the top project management tools for the year 2020, The Digital Project Manager has put together a list reviewing the best of the best.

Understanding your stakeholder and what they require from you, factoring in room for any changes that may happen along the way, developing relevant KPIs, as well as using the latest project management tools to help minimize risks are just a few essential tips that you should take on board to keep your budget in check.


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