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How to Keep the Project’s Budget Under Control

How to Keep the Project’s Budget Under Control
By Jackson Bruno

Project Managers are faced with the pressures of keeping the project’s budget under control. This pressure is the result of organizations having a real need to deliver projects that are successful, and ‘Cost’ is just one of the many constraints that need to be monitored closely.

As a first step, it is important for Project Managers to actively participate in the process of determining a budget for the project, ensuring that all budgetary items have been covered (e.g. equipment, man hours, consultants, etc.) and that these items have been allocated properly.

A few more steps pertaining to a project’s budget must be taken to ensure a successful delivery.

  • Project Managers must create financial models that compare the amount of work that has been completed against expenditures, and most importantly, a model that can forecast the future cost based on the inputs that the Project Manager is receiving from team members.
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Leadership in Project Management

Leadership in Project Management
By Jackson Bruno

Project managers need to be effective leaders throughout their lives. As defined in the PMBOK, Leadership is ‘the ability to get work done by focusing the efforts of a group of people towards a common goal and enabling them to work as a team’.

Project managers need to inspire and motivate people in the direction of a common goal and transcend their own self-interest to provide a profound effect on his/her team.

A Project Manager needs to effectively and actively use these sets of skills to be a good leader:

  • A vision of where to go and how he will get there. Visionary leaders can easily enable and empower people and make them feel like they are part of a larger cause and are important for the project.
  • Good communication skills are essential to ensure that everyone is aware of the ground rules, project status, responsibility and performance.

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