Once project execution begins, you will need to track your budget regularly. Here are five tips to help you control your budget:
- Review progress weekly: Update schedule and budget actuals, check for trends, and take corrective actions as required to get back on track. Record the changes so you will learn how to budget better next time.
- Have a change control process in place: This process should set client expectations early that changes may impact scope, time, and/or costs. If a change is needed, they will understand why the project may cost more.
- Keep the team informed and accountable: Make sure everyone knows the financial goals that need to be met. Know the team and always assign the best available resource to each task.
- Remove obstacles and celebrate milestones: Make sure the team has what they need when they need it. The celebration of milestones will help motivate the team.
- At project end, do a lessons-learned or retrospective so you will understand how to improve for the next project.
Want to learn more about how to integrate these practices into a project methodology? Check out our Micro Guide to the PROJECT Methodology.
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