Since the evolution of agile methodologies, organizations have realized the importance of the agile projects that have resulted in speeding the time-to-market by 37% and increasing productivity by 16%. While agile holds importance, finding a right Budget Management solution is another imperative aspect for any project to succeed.
As a project manager in an organization, a common question that holds high importance is “how much will a project cost”? In either way, managing budget for a project requires a different approach to be followed than traditional budget management process. A recent survey shows that 1 in 6 projects run over budget. As a result, agile project management necessitates a budget management approach that will help in determining the budget required to deliver a project successfully.
EyeAgile Budget Management enables the organizations to manage annual budgeting of a project in near real-time that helps in implementing budget according to the project requirements. With the help of Scrum, it helps in keeping track of the financial aspects and provides forecasts to reach the financial goals. The budget analysis helps in evaluating the discrepancies and provides an accurate picture of project budget status. Managing and controlling budget with EyeAgile optimizes all aspects of cost management in a project to deliver the project goals.
Highlights of EyeAgile Budget Management
- Dynamic workflow for budget approval
Project Manager will get the facility of approving the budget from the budget owners to apply the budget for a certain project.
- Adjust budget according to project
EyeAgile’s Budget Management will allow the budget owner to select a budget type to meet the project requirement.
- Manage changing budget needs
Budget can be changed anytime according to the project requirements.
How EyeAgile’s Budget Management helps in creating the budget for a project?
- Ensures all key elements are within the project scope
Creating a realistic budget requires stakeholders to implement all requirements of the project. To implement requirements strategy, EyeAgile’s Requirement Management plays a vital role by providing the visual display of project requirements. This allows the managers to track the current requirements together with the changing requirements that help in estimating the overall cost of the project.
- Allows collaboration in real-time
The realistic budget requires the scope of the project clear before initiating development process. Hence, EyeAgile provides real-time collaboration among the team which helps the stakeholders in keeping eye on the project.
- Workflows to enable switching owners
With the dynamic workflow, the project manager will be able to change the approval cycle for a budget in a workflow. This helps in understanding the top priorities of a project and aligns the budget along with the priorities.
How do you manage the project?