How to Manage Project Finances
Sr. Project Controls Specialist
Conconity Project Services
Your budget is the ruler by which you measure the project. In this video, Jennifer Bridges, PMP, explains how you can create a budget and manage expenditure for a successful completion of your project.
While managing project finances may be her least favorite part of the project, Jennifer noted it was also the most important.
Her experience working at large organizations and on large projects, has taught her these four tips for managing a project budget:
Defining the budget is documenting the budget
Break down the components into trackable components
Request funds early
If you don’t have a team or organization behind you on the project tasked to manage finances then it’s your responsibility. Jennifer goes into greater detail about each of the above points in the video. We hope it helps.
Pro-Tip: Don’t put all your financial items in one bucket. If you attach names against various line items or organizations, then it’s easy to track those items over the lifecycle of your project. Not only tracking your spend, but having a way to document and communicate it is one way to manage it.