COVID-19 update: BCS Publishing is open for business – Some orders may take longer than stated to arrive.

Managing Project Budgets

Shortcuts to success

By (author) Elizabeth Harrin

Publication date: 15 Sep 2013

More than one-third of projects have a budget of seven figures or more, so handling the finances is an essential part of a project manager’s repertoire. Keeping to budget is not always easy, and it is made harder by the fact that project managers themselves don’t always get control over the money. As the 'average' project has its budget revised at least three times, the situation can be further complicated. This is one section of the book "Shortcuts to Success".
Ebook (VitalSource) - £6.99
Elizabeth Harrin MA MBCS FAPM is a project and programme manager with a decade of experience managing IT and business change projects. She is the author of Social Media for Project Managers (PMI, 2010) and writes the award-winning blog A Girl’s Guide to Project Management. Elizabeth is a PRINCE2, MSP and P3O Practitioner and a member of PMI.

Ebook ISBN-13: 9781780172019

50 pages

Imprint: BCS, The Chartered Institute for IT

Create a realistic budget
Calculate the true cost
Track estimate to complete
Agree a budget tolerance
Have a contingency fund
Gain buy-in for collective budget responsibility
Agree who holds signing authority
Arrange for a peer review
Manage projects with no budget carefully
Use timesheets for tracking time
Budget for change management
Understand the benefits
Further reading
Lives up to the 'real world' promise in its title, providing concise, practical advice for leaders of large projects, small projects, and everything between. The interwoven examples from actual projects illustrate clearly why the guidance provided here matters.

Tom Kendrick, MBA, PMP

Elizabeth Harrin has done it again! This new edition of her book 'Project management in the real world' is packed with hard-won insights on how to make projects work in today's pressurised business environment. It shares the stories of people grappling with projects all over the world. I reckon that these lessons learned are worth their weight in gold to anyone with a challenging project to accomplish. Apply what it suggests and you're likely to save your company a fortune and yourself heaps of frustration!

Dr Penny Pullan