A few weeks ago I received a request to write something about cost and schedule best practices. Thank you Edward for the (very educative) request. I honored the request because scheduling and budgeting are fundamental to project management. This request also relates to several of my blog posts and gives me the opportunity to discuss a fundamental rule in project management.
Cost and Schedule Best Practices
In order to discuss cost (budget) and schedule, you have to understand how a project budget and schedule are made. Both your budget and schedule originate from your project scope:
So in order to have a good schedule, you must apply scoping and WBS best practices. The same goes for budgeting best practices: it is based on scheduling best practices. And scheduling best practices is based on……….
So it is not that scheduling best practices is one thing and budgeting best practices is something else. The are all tied together as illustrated in the graphic above. In order to have a good budget, you need to have a good schedule, a good WBS and a good scope. This is a FUNDAMENTAL PROJECT MANAGEMENT RULE!!
So the title of this blog post is not correct: you cannot have cost and schedule control best practice by them selves. They are all linked to scope and WBS best practices.
Best practices for scope control to budget control are all available in the related resources listed below.
I encourage you to comment. This is a very important (fundamental) aspect in project management.
- Determining Your Project Budget
- Scope Control Best Practices Part 1 of 6
- Scope Control Best Practices Part 2 of 6
- Scope Control Best Practices Part 3 of 6
- Scope Control Best Practices Part 4 of 6
- Scope Control Best Practices Part 5 of 6
- Scope Control Best Practices Part 6 of 6
- Bad Budgeting Practices Part 1
- Bad Budgeting Practices Part 2
- Project Management Quick Start