Complete guide to budget tracking and deliverable management
Contents
- Introduction
- Budget Management and Monitoring of Deliverables
- Budget management and deliverable tracking tools
- Examples of tracking deliverables
Introduction
In project management, two essential practices play a crucial role in the success of a project: budget monitoring and deliverable management. Budget monitoring makes it possible to monitor the financial resources allocated to the project, while the management of deliverables ensures the achievement of objectives and the delivery of expected results. These processes are essential to keep the project on track, minimize financial risks and ensure stakeholder satisfaction.
Examples of tracking deliverables
Tracking budgets in Microsoft Project
In Microsoft Project, budget tracking is done using the built-in cost management features. You can easily enter the actual costs incurred for each project task and compare them to the planned costs. By viewing cost variances and financial trends using reports generated by Microsoft Project, you have a clear view of the current financial status of the project.
Tracking budgets in Excel
Although Excel is not specifically designed for project management, you can use its features to create budget tracking tables. By setting up columns for planned and actual costs, you can easily enter and compare actual expenses against the allocated budget. Although less automated than in Microsoft Project, this method provides some flexibility to customize financial tracking according to the specific needs of the project.
Tracking deliverables in Microsoft Project
You can effectively track major milestones in your project by adding them as “Milestone” tasks with zero duration. These milestones can be associated with target and actual dates, linked to relevant project tasks. This practice allows you to clearly visualize gaps on the Gantt chart, making it easier to track project progress and spot potential delays.
Tracking Deliverables in Excel
In Excel, although it is less suitable for managing complex projects than dedicated tools like Microsoft Project, you can still create milestone and deliverable tracking tables to track the progress of the project. For example, you can set up a spreadsheet with project milestones, combining target and actual dates, and using metrics and feedback to track progress and spot potential delays.
Additionally, explore how to optimize your budget and deliverable tracking with custom Excel dashboards for proactive and efficient management.
