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 5 Reasons Your Project Budget Is Never Enough To Cover Project Costs And What You Can Do About It | PM Tools - PM Tools

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5 Reasons Your Project Budget Is Never Enough To Cover Project Costs And What You Can Do About It

In the good old days of the dot com boom, the project budget was something which Organisations were rarely concerned with. All that mattered was getting the product launched and moving onto the next deliverable. If there were any problems with getting the product delivered these were easily resolved by throwing money to sort it out. Triple overtime anyone?

But times change, and have done so drastically. The project costs are under intense scrutiny,and every dollar asked for has to be justified in infinite detail. It is for this reason that having a good understanding of budgeting and financial accounting is becoming a more highly sought after skill in project management.

So what are the 5 common mistakes made with a project budget?

1. Being Over-Optimistic.

This might seem like a good idea when you are drawing up your costs , but do you really want to put yourself in a straitjacket before you have even got going?

2. Not Properly Understanding the Scope

There is no point in saying you’re not a technical PM. If you don’t clearly understand the detail of your deliverables, how can you devise an accurate estimate for it?

3. Overlooking Key Resources

Sure you’ve accounted for the development and test resources you will need. You’ve even remembered the hardware you will need to purchase, but what about the other myriad of resources you will need on top of these to get to the finish line? And you ignore these at your peril because they really add up and will dramatically increase your costs.

4. Forgetting about Contingency

After you have made an initial estimate of how much the project will cost, you will usually then be put under intense pressure to get both the budget and the timeframes down. Now there are ways of doing this to keep your boss  / client happy, and also ensure you retain some contingency without anyone knowing. However too many PM’s just start slashing costs to get the overall cost down and really pay for it later.

5.  Detailing a Budget with no Approved Requirements

Too many PM’s forget that until at least the Business Requirements Specification is approved, scope can and usually does change dramatically.  Therefore trying to determine costs without a clear scope is just asking for trouble later on.

Of course it doesn’t have to be like this. There are numerous tips and techniques you can utilise to ensure, that  at least where budget is concerned, your project is never without. However if you don’t know what these are, both you and your team will really suffer the consequences later on in your delivery.

Susan de Sousa from my-project-management-expert.details all the infomation you must know regarding how the professionals go about
estimating project costs and implementing project cost controls to ensure their projects run smoothly and never run out of money.


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