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Better Budget Management Staying within budget and saving time are always top priorities, and with a project management tool, you can see your data, your resources, how theyre being used, planned vs actual usage, and much more. Richard retired from a 40-year career in telecom, mainly in engineering and project management.
Also, it stresses the importance of investing in skilled and experienced project managers to meet these challenges and become one of the champions in project management – meaning that at least 80% of your projects are completed on time, on budget, meting business intent, and having high benefits realization maturity.
But there’s little your project sponsor, your client, or their Finance Director care about more than your budget and how closely you can stick to it. Instead, you must act with determination to understand project cost management and implement all the tools at your disposal to control costs and bring in your expenditure on budget.
During this mayhem, PMOs struggle to evade the cost cutting knife and are forced to cut back resources and scale down services. Subsequently, selected staff are normally transferred to departments with budgets, while others are made redundant. Here lies the opportunity for PMO directors to turn the situation to their advantage.
With the right portfolio management process, as well as an execution mindset in place, Nokia would still be one of the leading telecom operators in the world, I believe. If portfolio management is to be effective it should always be linked to the two organisation-wide processes of budgeting cycle and enterprise risk management.
Agile Delivery Systems and Culture So, this next sequence of slides, I actually went out and I did this talk for a telecom in Belgium, and I actually added these slides for them and then decided to leave it in because I thought it was interesting. So the idea is to try to figure out if we can strike some balance.
The sponsor told the PM to perform the additional testing within the original budget and that the sponsor would not be pleased if there were any cost overruns. A PM in a telecom company became concerned that her sponsor was making decisions that she was unaware of and often disagreed with. She met with her sponsor.
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