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One of the most important roles of PPM is budget management, and financial management is a key skill for portfolio managers. But at the portfolio level it’s not that simple. Here we offer some thoughts on how portfolio-level budgets should be planned and managed.
Microsoft Project is an inescapable part of a PM's life. There seem to be two schools of thought on this tool, and our writer examines both of them in this two-part story. In the conclusion, our writer looks at some shortcomings. But are those a problem with the tool, or with the people who use it?
Runaway costs are pretty easy to spot--but reducing them is another story. In this review, a book with a number of components that make it a reference or every IT manager is examined.
Microsoft Project is an inescapable part of a PM's life. There seem to be two schools of thought on this tool, and our writer examines both of them in this two-part story. Up first: the strengths of the tool and how it can help project managers become more effective.
Often, if the planned costs do not meet project budget, the project manager will change the scope or finish date of the project to meet the budget constraints. Occasionally, however, it is possible for the project manager and the project team to develop creative means by which to adhere to the budget and still meet the project timeline and implement the original scope. This article is based on an actual project from a Fortune 500 company that was launched successfully in 2009. The project underwent major budget reductions while its original scope and time schedule were preserved. This article describes a broad set of project management activities that the project team managed throughout the project life cycle while reducing overall project costs and maintaining the integrity of the project.
You are reasonably satisfied with the result of your project—to the best of your knowledge, it is achieving what it was intended to do, within planned schedule and cost goals. You have diligently kept track of your requisitions, and your project cost spreadsheet is updated and current. However, at this point, you receive a call from the accounting group saying that you are radically over budget. In all probability, you are working in a "non-projecticized" environment. In this type of environment, the systems and culture often do not adequately support project cost control. What do you do?
n these tough economic times, companies are rushing to cut operating expenses at a record pace. Unfortunately, many organizations are ignoring the golden opportunity to be found by simplifying costly operational processes that create financial waste.
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"Less is only more where more is no good" - Frank Lloyd Wright |
