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Evaluate the value and the feasibility of the project in order to decide whether to move forward with it.This is where you will define the project at a broad level. The first phase of initiation will lay the foundation for the next few stages of project management. What are the Five Stages of the Project Life Cycle?īreaking down projects into several stages actually makes it easier to manage and control it, and work on improving its quality. It includes a sequence of phases that a project goes through from its initiation to closure. The project life cycle is a process that project managers follow through when completing a project. Now, based on the type of project and its requirements, the number of phases of project management lifecycle may change but in this post we will discuss all five of them and the steps you should follow during each. Under/Over: Review each task’s under/over amount to determine any discrepancies between budgeted and actual task amount, and make adjustments accordingly.Keeping your project on track from beginning to end while preventing the misuse of resources, time and money depends on how well you manage the project lifecycle phases.Task: Enter each budgeted task, a WBS number, a description, status (e.g., not started, in progress, completed), anticipated and actual start dates, and a proposed end date.Subtotal: Review the combined under/over amounts to determine your subtotal and assess whether your project is within budget.Project Title: Enter a title for the project and the projected and implemented tasks plan to track.Materials: Enter task units, cost per unit, travel-related costs, and costs per piece of equipment or required office or work space.Labor: Enter each budgeted task’s projected hours and hourly rate.Fixed Amounts: Enter the fixed costs for each task.Category: Enter category names for each task series or each subtask for your project’s budget.Budget: Review the budgeted amount for each individual task.Actual: Enter the actual cost of each budgeted task.A project budget template can also alert you when tasks run over budget, so that you can adjust costs or other expenditures to stay within project budget.Ī project budget template provides insight into the accuracy of anticipated expenditures and revenue sources so that you can use the template to justify any project-related cost adjustments to successfully execute the project.Ī strong project proposal template will typically include the following sections to account for all of your proposed expenses: Use a template to track the project budget at the tasks level and identify your budget projections.Ī project budget template takes the guesswork out of budgeting for projects, so that you have an accurate financial picture of all project-related costs and can identify how the costs of every project facet affect the big picture of your allotted budget. Getting started with the Smartsheet APIĪ project budget template is a tool that project managers use to estimate, implement, and gauge projected versus actual project costs.ENGAGE Smartsheet ENGAGE brings together our global customers, experts, and partners to share their experiences, ideas, and best practices.
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