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be able to handle that additional 10% of customers, as would customer service, shipping and delivery, or
any other departments that interact with customers. Download free ebooks at bookboon.com
46 Budgeting Your Project(s) Managing Budgets 8.3 Budget Objectives
In order to define objectives, start by asking yourself the questions below regarding your overall goals: What are we trying to achieve? By when are we aiming to achieve it? Will this project be completed in one fiscal year or will it span several? What, specifically, are the goals, and why are they important to the organization? What will success look like? In any project, there are objectives that must be met in order for a project to be successful. If you don’t
meet them, the project will be considered a failure even if you meet certain other objectives. These
essential objectives are the Key Success Criteria (KSC).
Identifying your KSCs is important because they serve as the minimum requirements that you must budget
for. Since things can change quickly in an organization, your project could be changed while you’re
working on it: budgets could get cut, structures could be reorganized, or the market in which you operate
could shift in an unforeseen way. 8.4 Budget Constraints
Every project and every budget will have some form of constraints, simply because of the fact that our
resources are finite and our willingness to expose ourselves to risk is limited as well. Whereas we might
want to spend two years researching our new product idea, testing it, and getting it to the marketplace, we
may not be able to spend that much money for research and testing. You will have budget constraints in
one or more of the following areas: Resources Performance Criteria Time Risk Download free ebooks at bookboon.com
47 Budgeting Your Project(s) Managing Budgets 8.4.1 Resources
In this sense, the term ‘resources’ refers to people, equipment, and money. As we know, we have a limited
supply of all of our resources. But it’s important to understand...
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This note was uploaded on 06/07/2013 for the course BA 201 taught by Professor Cuongvu during the Fall '13 term at RMIT Vietnam.
- Fall '13