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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
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
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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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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