May seem like an obvious issue, but having the budget in place to complete the project is often overlooked in the enthusiasm to get the project started. Budgets have a habit of getting trimmed, cut back and revisited.
As a project manager you need to keep your eye on this ball. The converse also happens, when a budget needs to be bigger than expected for a variety of reasons.
Some good practices to keep your project on budget:
- Review the budget frequently with team members and management
- Identity areas where costs can be reallocated or cut if possible
- Inform management of the budget status
- If new ROI opportunities present themselves during the course of the project don’t be shy about submitting a revised budget if the benefits warrant it
- Be realistic about budget size and needs
