Liberty IT recommends that Budget Checks are undertaken during Project Planning to ensure that accurate data has been used in all estimates, assumptions have been tested and proved/disproved, and contingencies provided for. This includes taking a number of Risk areas into consideration including:
- Operational risks such as allocating resources with the right competencies to perform tasks within time / budget allocation
- Time risks where a schedule change can delay completion of tasks and overall progress of the project with associated pressure on budgets
- Budget risks including assessing the impact on budgets where contingency plan(s) are implemented and ensuring adequate contingency budget has been reserved
The key objective of Budget Checks is to avoid surprises and optimise the likelihood of completing a project on time and on budget.