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Limitations of Excel for Project Budget Management

Microsoft Excel is a powerful tool.  There is not getting around it.  Since it was first introduced in 1985, it has risen from so much more than just a “spreadsheet” management tool, having introduced many great analysis functions, financial calculation tools, and macros.  As a technogeek myself, I can get myself lost in building cool solutions for almost any project, using these powerful General Purpose functionalities.  However, this sometimes creates a trap of effort.  Now, I have this very complicated set of tools, that I need to maintain, and even then, I may really be able to do much better with other tools designed specifically for my needs. Project budget management is a great example.  Many folks, myself included, have built complicated Excel-based tools, to manage complex project budgets, like for construction project budgets.  A key complicating factor is the need to manage many different sub-project budgets, all associated with various contracts, their own sub-budgets, and various contract constraints.  While it is possible to do with powerful spreadsheet program, I end up spending most of my time managing the tool, instead of managing the project budget itself.  And, ultimately, I really need a fully functional database and reporting engine — not a spreadsheet (not matter how coolly engineered! 😊) This is where budget4castTM comes into play.  Rather than relying on engineering from a General Purpose tool, budget4cast is fine-tuned specifically for the needs of project managers (especially construction project managers).  It has all the features necessary to efficiently manage very complex project budgets.  And with a fully functional relational database backend, it allows for very indepth, real-time reporting, that is just not possible with Excel. The kicker, is that budget4cast, is affordable.  Because it is laser focused on providing the solutions for project budget management, rather than solve all problems of a complex project, e.g. regulatory audit support, documentation control, etc., it is offered for a very affordable price.  In fact, for someone just wanting to run a single project for a relatively short period, it is free!! In summary, for those construction project managers, needing an affordable, fully featured, tool, built specifically for managing complex project budgets, budget4cast is a great solution!

Skills

Posted on

March 2, 2020