Budget controller Flashcards
(11 cards)
In calculating the budget for your project, how do you know that the figures you provide come close to the actual costs? Explore using Lewis (2013).
What does Lewis say about effective budget planning?
Lewis highlights that effective budgeting starts with clear, realistic activity plans. A good budget is not just numbers, it must be based on:
- What the project intends to do
- When activities will happen
- How they will be done.
Without a clear plan, the budget is likely to miss real costs. This is why detailed activity planning is the foundation for accurate financial forecasting.
Lewis introduces different budgeting techniques. Which one could we use in our project?
Activity based budgeting
How could activity based budgeting be useful for our project?
This means we base our budget on the specific activities we plan to do, like the workshops on nutrition and physical activity.
Since our project has clear tasks and goals, it makes sense to look at each activity and ask:
“What will this cost?” For example, for the nutrition workshop, we can include costs for food samples, transport, and staff time.
This method helps us be more accurate, because we don’t just guess a total amount, we plan based on what we actually need. It also makes it easier to keep track of where the money goes, and to adjust if one part of the project becomes more expensive than expected.
In short, Activity-Based Budgeting fits our project well because it helps us connect the money directly to the work we’re doing.
What else could we do according to Lewis?
Include budget monitoring tools → regular review of actual spending against the budget. This allows you to identify errors or overspending early and take action towards it early.
What is a WBS according to Davies (1995)? Elaborate in what circumstances is it appropriate to add budget figures to a WBS?
Work Breakdown Structure (WBS) is a way to break down a project into smaller, manageable parts.
Project managers use it to ensure that all tasks are identified and fit together properly to complete the project.
The approach breaks a project into subsystems, components, and tasks that can be easily accomplished.
Creating a WBS makes it more likely that every task will be identified. It helps check that all tasks fit together and cover everything needed to finish the project successfully.
How is WBS described?
It is described as a product-oriented “family tree”, where each level breaks the project down further. In other words, the higher the level, the more general the element. At lower levels, elements become more specific. Items at the lower levels are called work packages
A WBS helps the project manager with?
- Identify and organize all tasks and deliverables
- Assign responsibility for each task
- Track time, progress, and cost
- Ensure that nothing is forgotten
Each element must be clearly defined and measurable, and if something is not in the WBS, it’s not part of the project.
When to add budget figures to WBS?
The work packages are clearly defined:
– You know exactly what needs to be done, by whom, and when. With clear tasks and goals, it’s easier to estimate how much each part will cost.
The WBS is used to track and control costs
– If the project manager needs to keep an eye on spending and avoid going over budget, linking tasks to budget figures is important.
The project needs detailed cost planning
– Especially in larger projects with multiple teams or subcontractors, it’s necessary to break down costs per task so spending can be planned more accurately.
You need to monitor the budget at every level
– Adding budget figures allows you to check if each part of the project is staying within its assigned budget, not just the total project.
Analyse the chapter on Conducting Needs Assessment Surveys in The Community Toolbox (nd.). What kinds of factors did/would you consider in calculating a budget for such an activity?
What is a needs assessment survey?
A Needs Assessment Survey is a tool used to find out what people in a community see as the most important problems or needs. It helps organizations collect input from the community so they can make better decisions about where to focus their efforts or resources.
In short –> It asks people what they need most, so action can be based on real priorities.
Why would it be good to do a needs assessment survey in our project?
Because it gives us insight into the students’ current knowledge, habits, and needs related to type 2 diabetes. This allows us to tailor the workshops to their actual situation, increase student engagement, and ensure we focus on the most relevant topics. It also helps us base our decisions on real data and improves collaboration with the schools.
What kinds of factors did/would you consider in calculating a budget for such an activity in our project?
Survey design –> Time and expertise to develop clear and unbiased question
Sample selection –> Costs for identifying and reaching a representative sample, do we want all selected students to fill it out
Data collection method –> Printing costs or use digital tools, Interviews with the students
Group members/teachers –> Time spent helping the students fill the surveys up, if they have a hard time understanding the questions
Analysis –> Time spent analyzing answers to find common patterns
Possibly using Excel or survey software to process data
Reporting Results –> Making a short summary or presentation to share with the schools
