Personal Project Budgets are the project management equivalent of that old saying, “look after the pennies and the pounds will look after themselves.”
Traditionally, it’s the sole responsibility of the Project Manager to ensure that the entire project is delivered within the overall budget.
However, with Personal Project Budgets you can spread the load by slicing up your overall project budget and giving each member of the team responsibility for their own slice.
For example, let’s say you have a project that requires a Writer, a Designer and a Consultant. As you assign people to those roles, you give them a slice of the budget and make them responsible for it.
Let’s say we want to assign James to the team as a Writer and we’ve budgeted 20 hours for that role on this project. James is given the creative brief and told he has a budget of 20 hours in which to complete the work.
As far as James is concerned, the budget for the project is 20 hours – he doesn’t need to worry about the rest of it. Instead, he can focus all of her attention on delivering his part within budget.
Repeat this same process with each member of the project team, ensuring they understand their brief AND their budget.
If each person delivers their work within their own budget, the entire project will be delivered on-budget as a natural result.
As mentioned above, look after the pennies and the pounds will look after themselves.