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While
reflecting on past budget experiences and working with the case study project,
one of the most beneficial tools is obtaining a general outline of tips.
Sometimes, plenty of resources can become overwhelming due to the level of
reading and lack of time. Once a project idea is create, becoming organized
from the start makes a big difference, whether it is a personal project such as
a birthday party or a professional project such has training employees of new
software.
When it comes to budgeting money, it
is important to keep in mind that unexpected changes can occur sporadically. Therefore,
I searched for a site that would best summarize the key points to consider when
working with a budget. The site hosted by Buzzle.com provides the most
important parts to keep in mind when budgeting. It highlights the importance of
resource allocation, use of management software, proof of expenses, and communication
of contingencies. Budgeting money can bring many questions from the
stakeholders or upper management, therefore the urgency to talk about time
consuming tasks and their effect on the outcome of the project is essential in encouraging
others to understand the reasons for the way a budget is used (Laureate Inc.,
2009).
Budgeting and project schedule coincide
to accomplish a successful project. The longer a task may occupy can lead to
more costs in a project. Therefore, I found a resource that guides you when
working with the Work Breakdown Schedule. The site hosted by Bright Hub PM is
great because it provides a variety of articles that address different components
of managing a project. One particular article I found useful focuses on
avoiding pitfalls when constructing the WBS. It provides detailed examples of
items that make an impact on the progress of the project such as developing a
dictionary of terminology used in the schedule to assist team members. The use
of group member input into the WBS and to avoid overload of tasks on team
members. When developing a Work Breakdown Schedule, it is essential to have the
right people, right tasks, and right time to ensure success (Laureate, Inc.,
2009).
Resources
Laureate Education Inc. (2009) (Producer)
Creating a Resource Allocation Plan [video] [transcript]. Dr. Stolovitch.
Laureate Education Inc. (2009) (Producer) Practioner
Voices Resource Challenges [video] [transcript]. Troy Achong.
In creating the work breakdown and resource allocation charts this week I learned the importance of tracking all tasks small and big. Small tasks can add up to drive costs and impact inner dependencies. The concept of efficiency versus availability was something I had not paid too much attention to prior to the assignment (Portney et al, 2008). Thanks for the post on brighthub and tools to create WBS that “avoid the pitfalls” . Expecting more than 100% in WBS, formalizing change control and creating a project dictionary are three take aways that struck me from the article.
ReplyDelete-Michelle
Resources
Portny, E., Mantel,J., Meredith, R., Shafer, M., Sutton M., & Kramer, E. (2008). Project management: Planning, scheduling, and controlling projects. Hoboken, NJ: John Wiley & Sons, Inc.
Sophia,
ReplyDeleteGreat Information and along with michelle, I think small tasks adds up the drive cost. Managers sometimes forget about the budget on projects and try to slip in small tasks, but during a project adding more detail or a small input can be a drastic change. I like the resources you included and I think Buzzle.com is a great source that accurately provides information on budgeting a project. The tips on managing a project budget: Proper resource allocation, using budget management software, proof of expenses incurred, and reviewing budget periodically, and good communication of budget risks. I appreciate the information and love the explanations used. You provided valuable resources.
Thanks,
Cherell