Maintaining a project budget
Monitoring the budget is crucial for a project manager to enforce accountability in terms of spending.
Milestones are a great opportuninty to re-review the budget, to identify if anything needs to be reset or revisited throughhout the project.
Kind of contracts:
# Cost control
Practice where a project manager identifies factors that might impact their budget and then creates effective actions to minimize variances. ( Cost variance)
- Establish a sign off plan and iform the appropriate stakeholders of any changes that occur
- Manage changes as they’re made
- Accept that budget misses will happen
- Adequately account for, adapt, and manage your budget with that risk in mind