Set up a budget monitoring system
Understanding the specifics of project management

Just as the project is framed in time by the schedule to meet a given deadline and contractual dates for the supply of deliverables, it is also framed in financial terms by the contract's firm selling price for the customer and a calculated cost price enabling the company to generate a margin.

This cost price corresponds to an initial budget which was determined at the time of the offer and accepted by the company or business management. This budget will be the project's financial guide, and will be monitored throughout the project. As the project is unique and specific, the costs generated and incurred during its execution may vary and deviate positively or negatively from the initial forecasts. In addition, the project is subject to disruptions that entail risks, which in turn may generate additional costs over and above those forecast for services and deliverables....