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Project Fund Tracker Solution
For ensuring your projects are delivered within time and budget. Our centralized project management solution and ability to improve processes, organizations can experience diminished project ROI, slower cycle times, and difficulty proving the value of the PMO to the business. With this solution, companies leverage an enterprise-wide solution that standardizes and streamlines the project management lifecycle to gain agility, transparency, and efficiency across all projects.
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The goal of a Project Funds Tracker (PFT) is to keep projects on time and on budget. However, productivity and precise execution are often hindered by manual project management processes, siloed systems, and redundant spreadsheets. This leads to limited project visibility and difficulty keeping projects on schedule across the business.
With our centralized project management solution and ability to improve processes, organizations can overcome diminished project ROI and slower cycle times. xponential leverages an enterprise-wide solution that standardizes and streamlines the project management lifecycle to gain agility, transparency, and efficiency across all projects.
Managing the project budget is one of the most difficult parts of project management, yet it’s a huge factor in determining its success. The goal is to keep your budget in line throughout the course of the project so you can avoid falling into emergency mode at any point. This could include incurring a huge budget overrun that you have to fix or you may find yourself at the brink of project shutdown.
The following three processes are extremely helpful in keeping project budgets in check:
- Review the project budget at least weekly:Its crucial to stay on top of the budget. Its much easier to fix a 10% budget overrun now than a 40% budget overrun a month from now.
- Make your project budget high-profile:Make sure your team members know you re closely tracking the project budget in detail. This will reduce the likelihood of non-project hours being incorrectly charged to your project.
- Manage project scope closely:It’s very easy for the customer to make a small request that unintentionally results in hundreds or thousands of extra dollars being added to your project. Remind your team that any “extras” need to be properly assessed for impact before they’re added to the project.
Your project cost is a key performance indicator (KPI). If you’re not actively tracking your budget, you may miss signs that your project is going off track until it’s too late.
Project management software with budget tracking allows you to automatically and continuously monitor your budget throughout the project so you’re aware of any budget variances in time to properly manage their impact.
Unfortunately, in many industries, going over budget can be the result of:
- Missed project scope or scope creep
- Poor or inaccurate estimates
- Using the wrong resources
But budget tracking helps you identify problems as they begin to crop up. The right project management software is one of the best ways to prevent out-of-control spending and overrun costs. With budget tracking, you’ll always know exactly where your work stands and how much money and time has been spent, and you’ll be able to more accurately predict the cost and timeline for the entire project.