EDUC 6145 WK5 Budget tracking

 


Money is a finite resource in most projects. Knowing where this resource is used and how it is being used is of the utmost importance for PMs. As we learned in the resources this week; suggesting, implementing, using, and tracking a budget is very important. Fortunately, there are a number of programs that exist to help assist PMs with "following the money." 


According to Carrol (2022), a solid project budget and resource management tool can make managing a project go easier. PMs, should use project management software to automate budgets and report accurate data. A good program would also provide data so that PMs can make adjustments to the project. 

I looked into float.com and smart sheets again this week to identify how they help with budgets.


Float.com: With float, the process of tracking budgets clearly was apart of its most recent updates. According to Prator (2023), a developer at Float, the project budgets will allow users to plan, set, and track project hours and cost. 


Image source: float.com
As we tour the new feature at Float, we can see that instead of documenting in a spreadsheet, a form template is used and is broken into many different parts to capture different types of budgets and expenditures.

Smartsheets


With smart sheets, most of the work is rolled up into a sort of Excel sheet specially adapted to the software. If PM was to use smart sheets, they would choose from one of the templates provided or create a new one, and just follow the steps.

One unique thing about smartsheets is the solution center. Not only are a variety of different templates provided for PMs, but videos on how to best use them are provided as well.

Image source:smartsheets.com


Resources
https://www.smartsheet.com/marketplace/us/template-sets/project-management-office
https://www.float.com/whats-new/introducing-project-budgets/
https://project-management.com/project-management-budgeting-tips/




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