What does the next budget change mean for your project?

Even minor changes in a project portfolio can have major consequences. In order to assess the significance of the changes, the project organization must have access to timely and high quality data.

Budget changes, change of schedule and other changes in large projects with many  owners and managers pose high demands on the project organization.

Changes raise a large number of issues. What are the consequences of the changes? Should new analyzes be made? What new prioritization processes should be implemented? Should new decision making proposals be prepared?

If the management does not have the right access to current data, there is not a sufficiently solid basis for assessing whether funding can be advantageously moved to other parts of the project or whether projects should be stopped to secure resources for other, more important projects.

A lot of decision-driving data will be outdated,
before presented to the management.

Another challenge that the project organization faces is fluctuating data quality. Sometimes budgets may end up being stored as drafts by the individual project managers. With the result that a large amount of consolidation work is required before the management has access to informative numbers. This is due to a lack of standardized work flows and principles for budgeting and contract management. Therefore, much of the crucial financial data will actually be outdated before being presented to the management.

A derived effect of the ongoing challenges with budgeting and contract management is that the project organization often experiences a smaller commitment among the project managers. The lack of effective tools means that project managers will spend too much time on these tasks. Time that they could use better on the projects themselves.

Managing a project portfolio with a lack of timeliness in its data is comparable to controlling a high-speed car only by looking in the rearview mirror: when one discovers that one is heading out into the ditch and should rectify, it is already too late.

CAPTYST PPM is a finance and contract management tool that is born digital. It offers a range of clear advantages compared to the traditional document-based approach.

CAPTYST PPM sets out to solve these problems and more. In CAPTYST PPM he finance employee can regularly send in revenue and cost attachments, and the project manager can carry out budget follow-ups and send budget changes for approval as the project develops.

When the management approves changes to the budget, CAPTYST PPM provides an overview of the impact of the proposed changes on the overall budget. An overview that is based on current data. All information is available in real time, and the project’s key figures are presented in clear dashboards.

CAPTYST PPM provides an updated overview of the development of the project portfolio. It makes it possible to prioritize and allocate resources efficiently. In other words, the project manager can now concentrate on looking out of the car’s windshield and thus steering his projects in the best possible way. And the management has the best prerequisites to meet all of the portfolio’s objectives.

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E-mail: [email protected]

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