There are many variables to consider when planning out a large project. It’s crucial to your firm’s profitability that everything from the budgeting to the resourcing is managed properly.
A step-by-step budget baseline will help you monitor how much the project costs, if it is on budget and how much has been spent on material resources
versus labour resources. As the project evolves the baseline, or original budget, will also assist you in identifying areas where you have overspent, and then help pinpoint where you may recoup money from elsewhere so that the end result is as you expected. It’s a proven way of keeping your finances on track.
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