QuestionsCategory: QuestionsTell me about your budget management experience?
admin@learningfort Staff asked 8 months ago

Tell me about your budget management experience?

1 Answers

Best Answer

admin@learningfort Staff answered 8 months ago
Not all project managers are required to manage budgets, and some might manage budgets only for certain projects. Even if your company isn’t looking for a project manager who will handle budgets, it’s still important to have a project manager who appreciates the important role budgeting plays in projects. This question will help you get a sense of the candidate’s budgeting skills and how they’ve dealt with budgeting issues.
Not all projects I’ve managed have required that I handle the budget, but many have. In my experience, it’s difficult to manage any project without a clear appreciation for budgeting issues, even if I don’t control the budget. Servers, software, office space and people all cost money. If I need additional resources to meet a deadline, I can’t add them without consideration of the budget.
On projects where I’ve handled the budget, I start working on it early and continue to manage it throughout the project. I watch how funds are allocated and whether we’re exceeding the budget at any point. If we run into issues that require additional resources or incur unexpected expenses, I immediately discuss them with the appropriate stakeholders. I’ve found by staying on top of the budget from day one, I can avoid budget problems. My negotiation skills are helpful when addressing budget concerns, whether working with vendors, hiring contractors or convincing a stakeholder that additional funds will make the final product stronger.

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