Every project needs a budget. But you’re a Project Manager, not an accountant. So, most Project Managers find the thought of producing their first project budget daunting. Here, then, is my basic guide to Project Budgeting.
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We look at 3 Approaches:
1. Activity, or Cost Center Budgeting
2. Work Breakdown Structure Approach
- How to Create a Work Breakdown Structure: A WBS Masterclass
- https://youtu.be/PyR2VLP3xnA
3. RACI Chart Approach – aka Linear Responsibility Chart
- How to Build a RACI Chart
- https://youtu.be/4ZCnHQE7rpA
Whichever process you use, there are two additional things to always include:
1. Whole Project Costs
2. Contingency
Recommended Videos
Carefully curated video recommendations for you:
🎬 How to Estimate Project Costs: A Method for Cost Estimation
https://youtu.be/YQ2Wi3Jh3X0
🎬 How to Anticipate Future Budget Challenges to Your Project
https://youtu.be/yaKS5AJKhWc
🎬 What to do When you get Pressure to Reduce Your Project Budget
https://youtu.be/tqy4i2dKx3Q
🎬 How to Deliver Effective Project Cost Management
https://youtu.be/7bXcc7AYajo
🎬 Don't Let Your Project Get Caught in the Cost Trap
https://youtu.be/oxxI1fBXILc
🎬 Project Cost Management and Self Preservation
https://youtu.be/J8MQ6CgM6zY
🎬 Project Financial Management - 5 Tips for Good Project Cost Control
https://youtu.be/1mHaBKAamIU
🎒 A while back, I asked Project Managers in a couple of forums what material things you need to have, to do your job as a Project Manager. They responded magnificently. I compiled their answers into a Kit list.
https://kit.co/MikeClayton/what-a-project-manager-needs
Note that the links are affiliated.
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⏱ Chapter Markers...
00:00 - Project Budget 101
00:25 - Three approaches to creating a Project budget
00:51 - Activity - or cost-center - budgeting
02:23 - Work Breakdown Structure Budgeting (WBS Budgeting)
06:39 - RACI Chart Budgeting - or LRC Budgeting
11:13 - Whole-Project Costs
12:33 - Contingency
15:38 - Summing up Project Budgeting
#ProjectBudgeting #ProjectManagement #CostManagement