Budgeting, the Necassary evil for project managers

To prepare for this assignment, conduct a web search (listservs, message boards, blogs) and locate at least two resources that would be useful in estimating the costs, effort, and/or activity durations associated with ID projects. Explore the sites and consider how you might use them to help plan a project’s schedule, budget, or break down a project’s tasks.
By Thursday:
Post the links to the sites you found in your search. (Embed the hyperlinks in your blog so that others can simply click to visit the sites.) Then write a brief description and evaluation of the resources available on each site. Share the most helpful thing you found about each site and how you might use it.

As a project manager you can be tasked with planning all aspects of a project which includes budgeting the finances that fund the project. “Project managers must develop budgets in order to obtain the resources needed to accomplish project objectives. Often, project managers are required to prepare project budgets in order to receive the go-ahead from top management to proceed with projects” (Portny et al, 2008). Many times I have had to come up with a budget to get approved before I start work and I have made a few mistakes in my time not asking for enough resources.
The first resource that I found to be useful when it comes to information and how to models is called “Project Management for Instruction Designers” found at http://pm4id.org/9/1/. This web site is very useful for project managers to have a resource to refer to when you need basic help.
The web sites objectives are to Describe methods of estimating costs.
Identify the effects of project phase and complexity on the choice of estimating method.
Describe the method of combining cost estimates with a schedule to create a budget.
These resources are fantastic and very simply explained so just about anyone could understand the information. I like this resource because I am a detail oriented person and this gives me the information I need in a very detailed format.
My second resource I found to be helpful for a project manager. It is helpful because it helps with estimating project costs and budgets which I am going to use for my next project. The site link is http://www.nwlink.com/~donclark/hrd/costs.html and it’s called “Big Dog and Little Dog’s Performance Juxtoposition”. Simply put it provides resources for creating project budgets that can be used for virtually anything as well as how to revise and estimate budgets. This website is also detailed and explains everything you need to know as it helps you devise you budget.
Planning a budget can be difficult and there is nothing wrong with seeking help and that makes for a great project manager.
Thank you!
Eric
Portny, S. E., Mantel, S. J., Meredith, J. R., Shafer, S. M., Sutton, M. M., & Kramer, B. E. (2008). Project management: Planning, scheduling, and controlling projects. Hoboken, NJ: John Wiley & Sons, Inc

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One thought on “Budgeting, the Necassary evil for project managers

  1. Eric, some great resources there for the budget plan. That’s really thorough, and I appreciated the explanation from the first site, and it’s inclusion of a visual representation of the process. Great finds this week. The second site provides estimates similar to the ones that Dr. Pastore gave from ATD in terms of hours put into the training to create one hour of each training type. This alone is a good way of getting an idea of whether or not you are on-pace for creating. Thanks again!

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