Posted almost 7 years ago. Visible to the public. Repeats.

Project management best practices: Budget control

When starting a project we always make a good estimate of all known requirements, and plan budgets and available developers accordingly.

Requirements change. Budgets usually don't.

To make sure a project stays on track, we update our estimates once a month and compare them to the remaining budget. If this doesn't match any more, we have to act.

To update an estimate, do the following:

  • Start with the most recent estimate for the project.
  • Which stories have been completed? Set their estimate to zero.
  • Have any requirements changed future requirements? Adjust them.
  • Have you become aware of new requirements? Add them.
  • Have you become aware of any bias in our previous estimate?
    Did we grossly over- or underestimate certain aspects of the project?
    Do you have to correct further estimates accordingly?
  • Our estimates always include a percentage markup for organization and project management anywhere between 10% and 30%.
    Is this value still correct? If not, adjust it.

Your development team has a full backlog of feature requests, chores and refactoring coupled with deadlines? We are familiar with that. With our "DevOps as a Service" offering, we support developer teams with infrastructure and operations expertise.

Owner of this card:

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Tobias Kraze
Last edit:
about 5 years ago
by Michael Leimstädtner
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We are makandra and do test-driven, agile Ruby on Rails software development.
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Posted by Tobias Kraze to makandra dev
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