What roles do effort, costs, and risk warnings play during the project lifecycle?
Yes, Can Do’s budget management system monitors the workload and costs of projects. Budgets can be defined for departments, individuals, cost types, and unassigned positions. These budgets are then consumed in the project both as planned values (target) and as actuals (real).
If predefined budgets are exceeded, the software issues warnings using familiar risk indicators. This enables project teams to control allocated work and financial resources, and to receive early alerts in case of budget overruns—whether in planned or actual terms.
Project managers can continuously monitor their projects in this regard and take appropriate corrective actions at an early stage.
Budgets can be defined using the “Manage Budget” app (Finances & Budgets) and then assigned within the project using the Project Planner app.
Project budgets are a fundamental component of project goal definitions and are considered equally important as content-related objectives and scheduling requirements. In many organizations, project budgets are part of the annual, company-wide budgeting process. They may include either monetary funds (financial budgets) and/or work effort (resource budgets).
If projects are initiated based on customer orders, budgets can also represent contractual line items that are implemented within the project.
Budgets can also be defined for specific time periods. It is common practice, for example, to allocate a fixed project budget per fiscal year. In some cases, unused portions of the budget—whether funds or work effort—can be carried over to the following year (or period).