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Unformatted text preview: m would need to 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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