Managing the Project Budget

I said in the previous chapter that you probably won't be the one managing the budget. By that I meant the actual corporate budget, the one that' s capable of transferring funds between cost centers and that requires full-time staff. It' s possible that a PMO may have a full-time budget person, but it's not likely that, as a project manager, you'll be expected to interface with the corporate budget.

But when I said "you won't be managing the budget," I did not mean that you won't operate a budget tracking mechanism of some kind—one where you keep track of the expenses involved in the project's activities. You do need to maintain a budget-like document that reflects the project's expenditures and compares them, as you go, to the cost estimates you've assembled. For ease of conversation, I'll call this document, file, or mechanism the "project budget." Let's talk about some of the elements you'll want to consider when creating this budget.

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Project Management Made Easy

Project Management Made Easy

What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.

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