Week 3 review post 2 minimum of 150 words apa format

Pedro

What do you see as the most difficult part of budgeting for a project and why?

I believe one of the most difficult parts is forecasting. Forecasting is a great tool for project management, using methods to determinate possible outcomes of the project, will help with planning, budgeting, executing, and closing or delivery date of the project. Perhaps, forecasting is one of the most difficult parts, which is based on future results which are uncertain. Also, it is important to consider budgeting as a tricky part “Making a decision on a bad forecast can result in financial ruin for the organization, so an organization should never base decisions solely on a forecast.” (Bass, 2017). If forecasting wasn’t carefully prepared, the project could have unexpected expenses, incurring in over budget and put in risk the project. It will be a good idea to have an estimated and forecast budget for unexpected possible expenses and not forecast the project with a minimum budget not expecting any unexpected expenses.

W/C: 150

References

Bass, B. (2017). Advantages and Disadvantages of Forecasting Methods of Production and Operations Management. Small Business Chron. Retrieved July 18, 2017, from http://smallbusiness.chron.com/advantages-disadvantages-forecasting-methods-production-operations-management-19309.html

Kloppenborg, T. J. (2015). Contemporary project management: organize, plan, perform (3rd ed.). Stamford, CT: Cengage Learning.

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