Lesson 16: Budget Review and Financial Planning
Date: November 20, 2025
Session Time: 8:00am-12:00pm EST
Duration: 4 hours (including 15-minute exercise)
Key Learning Objective
Conducting comprehensive budget reviews and making informed financial adjustments to ensure project completion within budget constraints while maintaining quality standards.
Lesson Overview
This session focuses on advanced financial management skills, including budget analysis, forecasting, and strategic financial decision-making for project completion.
Main Activities (3 hours 45 minutes)
- Comprehensive budget analysis and review
- Financial forecasting and projection techniques
- Cost optimization and efficiency strategies
- Financial risk assessment and mitigation
- Budget adjustment and approval processes
15-Minute Exercise: Final Budget Assessment and Planning
Exercise Description
Conduct a comprehensive review of the project budget, analyze remaining work and costs, and create a final budget plan to ensure successful project completion.
Materials Needed
- Complete budget records and receipts
- Project timeline and remaining work scope
- Calculator or spreadsheet
- Budget analysis template
- Cost estimation tools
Exercise Steps (15 minutes)
- Current Budget Status (4 minutes)
- Calculate total spent to date by category
- Compare actual vs. budgeted amounts
- Identify any significant variances or trends
-
Note any unexpected costs or savings
-
Remaining Work Analysis (4 minutes)
- List all remaining work items and tasks
- Estimate costs for each remaining item
- Identify any new costs not in original budget
-
Calculate total remaining budget needed
-
Financial Risk Assessment (3 minutes)
- Identify potential cost overruns or risks
- Assess impact on overall project budget
- Note any contingency funds available
-
Plan mitigation strategies for identified risks
-
Final Budget Plan (4 minutes)
- Create revised budget for remaining work
- Identify any budget adjustments needed
- Plan how to optimize remaining funds
- Ensure budget supports quality completion
Deliverable
- Current budget status report
- Remaining work cost analysis
- Financial risk assessment
- Final budget plan for completion
Success Criteria
- Budget analysis is comprehensive and accurate
- Remaining work costs are realistic and detailed
- Risk assessment identifies specific concerns
- Final budget plan is achievable and complete
Integration with Overall Project
This exercise ensures financial discipline for project completion and teaches advanced budgeting skills essential for successful project management and financial responsibility.
Previous Session: Lesson 15: Progress Updates
Next Session: Lesson 17: Final Documentation