We give you the keys to better budget preparation with a project portfolio management tool. In an IT department, drawing up a provisional budget involves collecting budget requests, consolidating project requests, arbitrating and formalizing the budget.
General management and every project manager needs to be aware of their IT expenses. Thanks to Project Monitorproject managers are informed of the budget allocated to them for the current financial year.
You need to create a budget plan to facilitate the collection of requirements. Each project manager will declare the budget requested for his or her project, by type of expenditure, on the same interface at Project Monitor. The user-friendly budget plan functionality makes it easy for your project managers to gather their requirements.
Once the requests have been issued, you can estimate each project by following these steps:
Have high value-added projects been identified? Correlate them with the priority projects identified by the business project managers.
All these requests will be subject to arbitration, so it's important to play as a team!
From a dashboard, all requirements are validated or not. A new version of the budget plan can be launched as part of a "budget shuttle".
For CIO, the dashboard functionality helps them prioritize IT requests and make final decisions. This feature provides project budget envelopes, workload plans or consolidated representations of projects by value.
Have you validated the final version of the budget plan?
Then budget monitoring can begin!
The PPM tool Project Monitor provides a monthly statement of project activities, a budget variance analysis and even a multi-year view of budgets.