Managing A Project Budget

Staying within a budget is a tall task for technology projects. Managing a technology budget isn't easy. Despite all of the project management tools available today, many companies exceed their budgets. In fact, some authorities estimate failure rates of technology-related projects are more than 70 percent, with cost overruns often contributing to failure. Poor upfront planning is a key catalyst for cost overruns, says the author. Before you set your budget, make sure you have a clear understanding of the project goals. This means having project sponsors (higher-up executives who support the project), business owners (operational side) and the project team (project managers, programmers, developers, etc.) onboard by agreeing on project timelines, milestones and deliverables.