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I recently chatted with a management consultant who had been contracted by an organization that wants to completely upgrade their information management and analytics for more enriched and robust decision-making. The consultant is in the beginning stages of the project, and she has not decided which complete suite of BI tools she will be implementing just yet, but she is optimistic about finding the solutions needed to address this company’s specific business problems. My interest in project budgeting organically led to an in-depth conversation about the intricacies of how this consultant financially plans and submits bids for projects in her career. She quickly admitted that she thought that most people assumed it is a bunch of inflated guesses, but the reality of the process, particularly with the perfect budgeting tool, is that you can and should be precise.
You do have the option to plan for projects within Microsoft Dynamics NAV, but, as with a lot of ERP tools, you don’t have the power to craft easy-to-use data entry screens to generate the project budget, so most organizations end up going the manual planning route in Excel.
Unlike traditional planning, which focuses on a fixed period of time, like a calendar or fiscal year, project budgeting plans around the task at hand. For example, our management consultant, who we’ll refer to as Cindy, analyzes the company’s already deployed BI modules, evaluates the efficacy of their CPM, shops around for the best software solution(s), and implements the selected BI tool(s) in 9-12 months. Cindy’s project for this organization is a great example to showcase typical project planning, as well as a modern BI deployment. This article will explore hypothetical budgeting for a project, with Cindy’s task as an example and a focus on modern features and functions when shopping for your own project budgeting tool.
To continue learning more about Project Budgeting for your Microsoft Dynamics NAV experience, read the rest of this article