How can I prepare project financial proposal before business analysis phase

0 votes

How Can I prepare a project financial proposal before the business analysis phase of software development system, what is the best practice for prepare the initial plan for the project and how to estimate each phase's efforts and cost with the only high-level requirement? 

Especially that sometimes it is very hard to adjust the budget after getting approval on project proposal from client/sponsor?

Aug 24, 2020 in PMP by Roshni
• 10,420 points
51 views

1 answer to this question.

0 votes

I use a number of methods to overcome this challenge.
1. If the software is off-the-shelf, obtain quotes from 2 or 3 vendors.
2. Base estimates on previous projects that were similar in size and function.
3. Allow lots of contingency in your budget.
4. List the assumptions that you made in order to calculate the estimate.
5. Ensure that the risks to the budget are clearly articulated - ie there's a risk that the budget will increase once you know the final requirements.
And finally, ensure that the proposal states clearly that the estimates are just that - estimates - and are subject to change once the detailed requirements are finalized. This communication is vital so that expectations are set.
Hope that helps...

answered Aug 24, 2020 by Gitika
• 65,870 points

Related Questions In PMP

0 votes
1 answer

How do I prepare for a project manager interview?

PMP® Certification is known as the golden standard in ...READ MORE

answered Jul 23, 2020 in PMP by Roshni
• 10,420 points
119 views
0 votes
1 answer
0 votes
2 answers
0 votes
1 answer
0 votes
1 answer

What is the best path to become a Project Manger?

Assuming you don't have sufficient experience, Here are ...READ MORE

answered Jul 22, 2020 in PMP by Sirajul
• 58,990 points
83 views
+1 vote
1 answer

How do I become a Project manager with no experience?

Since you don't have any prior experience ...READ MORE

answered Jul 22, 2020 in PMP by Sirajul
• 58,990 points
121 views
0 votes
3 answers

Which is the best project management software?

Today, with the evolving technology, every project ...READ MORE

answered Jul 27, 2020 in PMP by GurwinderKaur
• 380 points
125 views
0 votes
1 answer
0 votes
1 answer

How do I find a Job in project management?

There's always a challenge finding a position ...READ MORE

answered Jul 22, 2020 in PMP by Gitika
• 65,870 points

edited Jul 22, 2020 by Gitika 75 views