After you build your project plan, review the planned costs. If the planned costs do not meet your budget, you can optimize the plan to stay within your budget. As you change the budget, remember that you are likely to change the finish date or scope of your project. This relationship between time, scope, and budget is often referred to as the project triangle.
Tip: This article is part of a series of articles within the Project Map that describe a broad set of project management activities. We call these activities "goals" because they are organized around the project management life cycle: Build a plan, track and manage a project, and close a project.
View the project costs You can view the totals, the costs over time, or the costs in a chart. Doing this can help you to see whether you are meeting your targeted budget and whether you need to adjust your costs.
Optimize the plan to decrease the costs If you determine that the planned costs do not meet your targeted budget, you can use several strategies to cut costs.
Adjust the plan to take advantage of additional budget After you build your plan, you might find that you have more budget available. You can choose to bring the project in under budget. Or you can increase the scope and the quality goals for the project.
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After you build your plan and Microsoft Office Project 2007 calculates the schedule and cost for the project, you might find that you have more time or an increased budget available. You can choose to end the project ahead of schedule or under budget. Or you can increase the scope and add quality to the project.
Enter a note about the cost changes Log information about the changes that you made to meet the budget. Such notes can be helpful when you are tracking actual progress, closing the project, or collecting data for the next project.
Evaluate the results of cost optimization Verify that you did indeed lower the costs, and that the finish date, workload, and other projects are not adversely affected by these changes.
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Communicate the assignment changes to the resources If you assigned new tasks to the resources or changed or removed any existing assignments, you need to publish these changes for the affected resources.