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There is usually going to be a tradeoff between your

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Unformatted text preview: ork Output Download free ebooks at bookboon.com 48 Budgeting Your Project(s) Managing Budgets This equation can actually help you think through your resource needs and constraints in several different ways. You know that if you have more people, either the work output will increase or you can keep the work output the same and decrease the amount of time required to complete the project. If we decrease the work output, we can also decrease either the time or the number of people we need, or both. Since each resource has an associated cost, your simple cost equation for the project would look like this: Cost of Resources x Work = Total Cost So to reduce our costs without reducing the work amount (and, we assume, work quality), you would need to reduce the cost of the resources used either by the number of people, the level of people, or the time that they work. What is the point of this discussion? The point is that whatever decision you make regarding your resources, you will have to make sure that you have accounted for the right combination of resources in your budget. Brain power Please click the advert By 2020, wind could provide one-tenth of our planet’s electricity needs. Already today, SKF’s innovative knowhow is crucial to running a large proportion of the world’s wind turbines. Up to 25 % of the generating costs relate to maintenance. These can be reduced dramatically thanks to our systems for on-line condition monitoring and automatic lubrication. We help make it more economical to create cleaner, cheaper energy out of thin air. By sharing our experience, expertise, and creativity, industries can boost performance beyond expectations. Therefore we need the best employees who can meet this challenge! The Power of Knowledge Engineering Plug into The Power of Knowledge Engineering. Visit us at www.skf.com/knowledge Download free ebooks at bookboon.com 49 Budgeting Your Project(s) Managing Budgets When it comes to writing the budget for a project, you may particularly face restraints such as: Budget cycles Budget request...
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