One of the biggest challenges for project managers and instructional designers is estimating costs and budgets for a project. “Project managers must develop budgets in order to obtain the resources needed to accomplish project objectives. Often, project managers are required to prepare project budgets in order to receive the go-ahead from top management to proceed with projects” (Portny et al, 2008).
Our assignment this week is to find online resources that are helpful towards developing project budgets as well as determining costs for the project. The first online resource I found to be extremely helpful in estimating project costs and budgets can be found by clicking on the following link: http://www.nwlink.com/~donclark/hrd/costs.html The website “Big Dog and Little Dog’s Performance Juxtoposition” provides excellent resources for creating efficient project budgets as well as how to revise and estimate budgets when its necessary to factor in the unknown. The website also gives a break down of the necessary steps of developing a project from start to finish. The second website that I found helpful is http://www.bnhexpertsoft.com/english/products/advent/module4.htm This website is helpful in planning a budget and determining costs in a project as it provides examples of how to create a project budget as well as useful links with helpful resources.
Planning a budget and determining the overall cost of a project is a very detailed task with several factors that need to be taken into consideration.
Portny, S. E., Mantel, S. J., Meredith, J. R., Shafer, S. M., Sutton, M. M., & Kramer, B. E. (2008). Project management: Planning, scheduling, and controlling projects. Hoboken, NJ: John Wiley & Sons, Inc