Project Management And Budgeting

 

Timelive is an web based timesheet software software which serves as a complete web based project management tool that not only assists you in project management but also lets you manage finances for your projects and requires no extensive training programs to implement. It leverages both departments to be effective and efficient as it cuts down a lot of unnecessary procedures required to manage accuracy of tasks in individual departments.

 

Making a budget is very important prior to the start of a project; it has to be done very carefully considering all the data and uncertain factors so that the hurdles in the project are minimized at the start. An organization must have strategic plan to achieve their goals but tactical planning is just as important, the best method is to set several small short term goals leading to long term goals ultimately. This strategy helps the managers in keeping their teams motivated towards goals.

 

• When an online time sheet is approved by a manager the its status is updated automatically.
• Budgetary control and project budgets facilitate managers in limiting excessive spending and set boundaries for the project, allowing managers to test their management skills and abilities to manage the operations efficiently.
• Keep your team mates and managers updated with automated e-mailing. This minimizes the communication gaps not only inside the departments but also between different departments; it allows each and every team mate to be at the same place.
• Identify high risk projects at early stages to effectively manage the risks associated with the projects. Minimizing the risk is a crucial factor for any project therefore the decision maker must evaluate alternatives and come up with that one alternative that provides a balance between returns and risk.
• Expense tracking spending on each project. This helps you set boundaries for projects so that excessive spending on a single project could be avoided. Resources have to be spent efficiently to develop a healthy habit.
• Compare allocated time and budget with actual time and spending. Determine how successful you were in the controlling process by comparing the actual and estimated costs to know exactly how efficient your team was in achieving the required goals.
• Use the cross-project QuickBooks timesheet to measure the productivity and efficiency of your team. Compare project’s efficiency by comparing different projects statistics.
• Use the Gantt chart to allocate resources on the project accordingly and measure the performance through graphical charts.