Implementing Project Portfolio Management: From Organization Structure to Recognized Revenue · Module 9 · Project Plan Types and Financial Plan Types
Financial plan types: the plan class
Lesson 94 of 198 · 2 min
Plan class — budget or forecast. Set at creation, and it governs everything else. A budget is the approved baseline. Usually one approved version, changed through a controlled process. A forecast is the current expectation. Updated regularly, often monthly, with many versions over a project's life. How many plan types? Typically at least two — an approved budget and a working forecast. Some businesses need more: an original budget, a current budget, a cost forecast, a revenue forecast. EVERY PLAN TYPE IS A MAINTENANCE OBLIGATION ON SOMEBODY. The design question: what plans does the business genuinely maintain, and who updates each? The proliferation warning. Six financial plan types means six things a project manager keeps current. They will keep two current and let four rot. ASK WHICH TWO MATTER. That is not cynicism about project managers. It is arithmetic about a monthly cycle.
The full lesson is part of the course
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