How would you establish a correction plan to bring your actual expenses in line with the budget? Please cite your sources.
How to Plan and Implement an Effective Corrective plan System: 7 Key Steps
Corrective Action for the Project Budget
FEBRUARY 06, 2013 BY GANTTIC
Categories: Management Tips
Of the three key project success determiners (budget, schedule,
and customer satisfaction), the project budget can often be the
most difficult one to achieve success on. Sure, it seems like it
should be easy, but if something goes awry and you need extra
bodies on the project to stay on track, your schedule may stay
unscathed while your project budget spirals out of control due to
the extra, expensive project resource charges.
First off, I fully believe that it is critical that the project
budget is managed closely and regularly throughout the project
engagement. With weekly oversight, you can hopefully avoid the need
to take any corrective budget actions as described in this article.
Basically – stick to these two principles:
Review and re-forecast often. By reviewing the project budget and
re-forecasting it weekly – then it will never get too far out of
hand barring, of course, a catastrophic event. And if it never gets
too far out of hand the corrective action you need to take will be
small and manageable.
When 10% is better than 50%. You can recover from a 10% budget
overage that you might experience if you’re managing the project
budget closely as I’ve mentioned so far. However, if you’re not –
you can easily get into a situation from which there is no budget
recovery. No amount of corrective action will fix it.
When corrective action is necessary
Let’s imagine that you’re running the project and overseeing the
project budget, but it’s getting out of hand anyway. Before you can
take corrective action, you must first determine the cause. It’s
usually going to be one of two or three things – so let’s look at
these and the type of corrective action you might take for each
one…
Inaccurate resource time charges. If you find that your project is
getting dumped on by one or more of your team members in terms of
extra hours being charged to the project in order to ‘fill out’
their weekly time sheets, then you have an issue on your hands that
needs to be resolved quickly. If you’re watching your project
budget closely and your team knows it, then this isn’t likely to
ever happen.
So if it is happening, part of the blame is yours. Make sure they
know how important the budget and forecast is and make sure they
know what you’re expecting them to charge each week. If your team
members know you’re watching and checking all of their time charges
that closely, it likely won’t happen again.
Unplanned effort
This sounds like either a requirements issue or a schedule/ task
effort issue. For this one, you’ll need to first discuss it with
your project team and then review the requirements. If it’s work
that falls outside the scope of the project, halt it immediately,
draw up the necessary paperwork for a change order and meet with
the customer to ensure that it is needed and get their approval/
sign off. If it’s work that is currently required by the project as
indicated by the requirements but it’s just taking longer than
planned, then you have a different issue. Either the original
estimate was off or the work may be being performed inefficiently.
Go to the resource again and figure out if they need help or if you
need to offload this work to another resource that can handle it
more efficiently. Either way, you have to stop the bleed quickly or
the project budget will be in even more danger.
Extra resources or effort needed. This is similar to the previous
item but really refers to a planned task and time frame that is
taking far too long and requiring much more effort than originally
accounted for. I had this happen on a particularly difficult data
integration project…costs went sky high and additional resources
had to be brought in.
The key on this one is to determine what the underlying cause is or
was. If it was something you and your team simply missed or have
failed to perform on, there’s not much you can do but eat the cost.
But if you can trace it back to work that is now necessary but not
part of the original planned work and requirements for the project,
then you should be able to create a change request and negotiate a
price with the client. This will increase your project revenue or
budget and help keep your project on track financially.
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