Project management and budgeting! How can budget impact the project if it is less? Or if...
Project management and budgeting! How can budget impact the project if it is less? Or if more is needed to be used? What are some of the consequences? Explain in 300-400 words with a citation.
Homework Answers
The budget planning stage of project management is very critical stage for any project , it is the estimate that one makes by adding the bill of materials and the estimate of the resources and labour that will be used in accomplishment of the project , it can be attributed as the defining stage for any project. Budgeting focuses on the cost aspect of the resources and is usually handled by the project manager . In case when the budget prepared is less than the actual cost , it can lead to some financial constraints as the organisation plans its actual project work on the assurance of the budget , in case it overshoots the required threshold which has been estimated it can lead to liquidity crisis , i.e the investors will have to look for other investment opportunities and sometimes risk the success of the project due to financial constraints . For example : An ambitious project which seek to provide homes which were UFO styled failed miserably as it underestimated its budget and ran into cash shortcoming thus failing to finish and the investors squandering for money at the end .
In case of the budget overestimation of a project budget can yield successful results as some part of the estimated resources can be used in case of any emergency financial constraint situation , the dynamic way in which the present world functions is very complex and in case of any critical impediment to the project completion an excess of cash flow is always deemed as advantageous and hence overestimation can over all yield positive results as compared to strict budgeting which doesn't take into account for this clearance for any problem . For ex : A construction always takes into account the dynamic prices of the resources that they use and other legal and litigation charges that may come into the picture during any phase of the project and hence overestimation always plays a crucial role.
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Project management and budgeting! How can budget impact the
project if it is less? Or if...
Both the budget and the budgets themselves can impact management actions, both positively and negatively. For...
Both the budget and the budgets themselves can impact management actions, both positively and negatively. For instance, a common practice among not-for-profit organizations and government agencies (and The Office) is for management to spend any amounts remaining in a budget at the end of the budget period, a practice often called “use it or lose it”. The view is that if a department manager does not spend the budgeted amount, top management will reduce next year’s budget by the amount...
Both the budget process and budgets themselves can impact management actions, both positively and negatively. For...
Both the budget process and budgets themselves can impact management actions, both positively and negatively. For instance, a common practice among not-for-profit organizations and government agencies is for management to spend any amounts remaining in a budget at the end of the budget period, a practice often called “use it or lose it.’’ The view is that if a department manager does not spend the budgeted amount, top management will reduce next year’s budget by the amount not spent. To...
Both the budget process and budgets themselves can impact management actions, both positively and negatively. For...
Both the budget process and budgets themselves can impact management actions, both positively and negatively. For instance, a common practice among not-for-profit organizations and government agencies is for management to spend any amounts remaining in a budget at the end of the budget period, a practice often called “use it or lose it.’’ The view is that if a department manager does not spend the budgeted amount, top management will reduce next year’s budget by the amount not spent. To...
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