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Setting Comprehensive Project Management Template Budgets

November 30 2009

Measuring project expenditure has never been easier according to Method123, leaders in online Project Management Templates.

Financial planning is a sure fire way to set and understand project expenses early on so that the project remains within budget and costs do not escalate says Jason Westland, CEO of Method 123 Ltd.

“Completing a Financial Plan may seem like a lot of work but by setting a budget and ensuring you identify all project costs up front will certainly simplify things in the long run,” he says. “Without it, there is no record of what project resources, material and equipment cost and no way to track how money is being spent.”

“Project managers need to keep abreast of what is being spent and by having a sound financial plan they can easily monitor expenses to ensure the team is not overspending.”

Financial planning enables managers to set a budget against which to measure project expenditure. The financial plan identifies the entire project finances needed to meet specific objectives. It defines all the various expenses that the project may incur including labor, materials and administration costs along with an estimation of each expense.

The financial plan template available from Method123 enables project managers to identify the types of labor the project will incur, equipment and material required to deliver the project, the unit costs for labor, material and equipment, other project costs such as administration and the amount of contingency needed. The financial plan helps project managers to create a budget by calculating the total cost to complete the Project Plan, the cost of each project activity and create a schedule of expenses showing the amount of money needed during each stage of the project.

The financial plan is part of the comprehensive Project Management Kit offered by Method123 and should be completed during the planning phase of the project life cycle prior to project execution. The kit includes all of the project management templates and tools needed to successfully deliver projects. It comprises hints and tips, real-life examples, charts and tables that cover every activity in the project lifecycle from initiation to planning, to execution, to closure

Method123 also provides Project Management Methodology and Project Management Software, which combined with its project management templates package, present a unique and compelling offering to project managers around the world.

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