Summary of Budget Management with Agile Projects

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Budget Management with Agile Projects summary
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Managing budget for agile projects can seem more art than science, given its complexities. In a brief article for PM Times, Sounderrajan Seshadri – a veteran budget manager at Shinsei Technology Services in Singapore – offers lessons learned from a migration project in the banking industry. Seshadri recommends a combination of approaches to achieve predictability and flexibility.

About the Author

Sounderrajan Seshadri is a project manager at Shinsei Technology Services in Singapore.

 

Summary

Scope changes in agile projects can present challenges for budget management.

Typical annual budgeting cycles don’t serve agile projects. These projects’ scope evolves during each sprint, affecting project cost and budget requirements. In a migration from legacy to a state-of-the-art system in banking, the budget manager developed insights and recommendations for combining agile and waterfall practices.

During the project phase, perform sprintwise budget management.

In the banking migration, the manager chose to assess priorities with respect to the business’s needs on a frequent...


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