Got the budget & resources that your project needs to succeed?
Regardless of the hype around an initiative, it is only when resources are allocated that the organization’s commitment becomes clear. Ensuring access to the required resources is job number one for the project leader.
Use the insights, checklists and tools on this page to explore Budget Investment for your project or initiative.
Has your project got a clear price tag?
A cynic is often described as ‘a person who knows the price of everything and the value of nothing’. This, however, is only half right when it comes to the leaders of today’s complex and ambitious projects or initiatives. That is because a surprising number of projects do not have a clear price tag. This lack of budget clarity puts projects on a shaky foundation and project leaders in a tricky position.
Use the panel on the ‘project chassis’ one pager to explore the level of clarity & alignment in respect of the budget investment:
- What is the approx. total budget required?
- What is the expected payback or return on project investment?
- Level of confidence in adequacy & accuracy of the numbers?
- Has project got the attention, people & talent that it needs?
- What could be done with 5% or 10% more or less?
As with any aspect of predicting what will happen, budgeting is not easy. Engage with complexity and uncertainty by testing various scenarios regarding the budget investment and return for your project / initiative. For example:
- What difference would it make if the budget was 3%, 5% or 10% higher or lower?
- What might happen if the scope or timeline of changed by 5%, 10% or 15%?
For all your scenarios make sure you clearly outline the underlying assumptions.
Securing budget and resources is one of the key challenges facing project leaders and sponsors. Explore the most common challenges and how they can be addressed here:
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