Budgetary Issues in Project Management Budgetary Issues in Project Management All economic regions of the world have gotten hard hit by ramifications of semi-permanent global recession. The incomes are dropping and therefore, organizations are facing shortage of money supply. Their default risk is mounting as well. The new currency notes are being printed and they are causing inflationary pressures to build on world economies as well. Entire array of facts mentioned in the opening lines of this article reveal the fact that money is losing its worth in the global monetary market.
The procurement of financial power is changing into a painful challenge for the organizations. In the light of abovementioned argument, it can be inferred that organizations may have to cut their project budgets into half so that they can gather strength they desperately need in order to live for another day in the cutthroat competition of the global economic world. It is perfectly understandable for me, if the sponsor company refuse to provide me with the full grant for completing a project. I know I have two options after going through an agonizing situation.
One tells that I should abandon the project and come home depressed but it is a coward’s response to say the least. The second choice requires me to request for extension in the project because I need to reexamine the project so that I can tailor it according to available resources. I recently visited a foreigner carmaker’s workshop where it was written in bold letters that every decision must be made in the light of facts and once a decision is reached then it should be implemented with full commitment without a shred of doubt in one’s mind.
A lot of great things do not happen in this world because people back off from them in response to difficulties (May & Veitch, 1998). In my experience, we must focus on what we can do rather dwelling on things which are currently impossible for us. Additionally, I can find another sponsor or set of sponsors who can help me in implementing the full fledge project plan but it can take considerable amount of time and that will further delay the activity so I have decided to cut down nonessential parts of the project and I am going to carry on with the project in a limited budget.
I on the other hand believe that projects should be managed with smaller budgets because they are temporary in nature and proficient managers are known to have the ability and power of making the most of what have and they do not wait for the perfect moment to carry on a project. However, they are the masters of developing acceptable successes in the given amount of resources.
I am going to do the same. Conclusively, project management is nothing but a practice of creating a perfect moment with the help of teamwork and the reanalysis of the project will help me in terms of finding out essentials of the projects and by removing the nonessentials, I can press the company to increase available funds if some valuable some valuable part of the venture is missing out despite re-planning. References May, N., & Veitch, L. (1998).
Working to learn and learning to work: placement experience of Project 2000 nursing students in Scotland. Nurse Education Today Vol 18 (8), 630–636.