Checking Your Cost Pulse: What You Need to Know About the Financial Check-In Process

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Topics: Cost Management, Scope Management, Stakeholder Management

This article explains the cost pulse check process in IT project management—also known as the financial check-in process (these terms are used interchangeably throughout the article).

Cost management is one of the core functions of project management. It maintains its important focus at every stage throughout the PM life cycle to ensure the project can successfully complete within the approved budget. In listing the reasons for a project’s success, cost management is the most important function as all project aspects are dependent on (and affect) it.

The amount that the sponsor can (and is willing to) afford toward the project becomes the key driver, and thus the final verdict. Therefore, it becomes crucial for the project manager to consistently steer the project in a direction ruled by the approved budget—and communicate appropriately to the sponsor and the key stakeholders during the course of the project.

Let’s go over the basics of this proves and what you need to keep in mind as the project manager, along with some examples...

Significance
The cost pulse check process enables the PM to communicate cost-related aspects of the project to the sponsor and key stakeholders—and plan the subsequent course of action. It is a very important phase gate in the project life cycle, as the financials of a project are assessed to make important…

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