Many projects will benefit from a Financial Management Plan. This plan provides guidance on how you will estimate, budget and manage costs.
If you want to successfully manage your budget you have to be sure to capture all of the expenditures paid to date, including all expenses related to labor, equipment, supplies, material, etc. Then compare the numbers against your budgeted spending for this same time period. You may or may not have an apples-to-apples comparison. There are a couple reasons why a project may look like it is having budget problems when it may really not be. Continue reading Six Tips for Managing the Project Budget