Budgeting for engineering projects for school
Brought to you by:
Content written by:
9 June 2021 at 2:51:15 am
When given a fund, we need to propose to management our implementation idea to achieve an objective.
The relevant steps include;
1) Speak to each module chairman or project leader to understand what they need by;
- asking for list of items they need
- understanding their objectives
- managing their expectations between budget versus implementation
2) I will compile a list of tasks and start to engage vendors to Request For Quotation (RFQ). A timeline has to be set to ensure plans are well-executed. This also includes planning for the start-to-end lifetime of certain key expensive components.
- for larger projects that are above 50,000SGD, we will usually open tender
- for simple tasks, I will allocate the job to executives while providing guidance and support whenever needed
- for unclear budget allocation due to different modules sharing the same fund, I will handle them by setting common criteria between them and set seperate smaller funds for subjective module requests. This process will take time and it is important to ensure all modules achieve a win-win fund.
- it is important to set funds for maintenance and replacement to ensure continuity of plan. You need to consider warranty period, manhours, and minor component replacements.
3) During budget allocation, all the decisions made must have clarity in implementation and must be thought through in order to convince management. Key mindset is always to balance between budget and effectiveness after implementation. If required, we may request for more budget subjected to case by case basis.
4) Once approved, we will execute the budgeting plan and ensure they are carried out accordingly.
You may also like
We did our best to provide you with thought-through content. However, there lies a possibility of variation we might not capture. It is your responsibility to consider before taking our advice for action. As a continuous improvement, this page will be updated whenever a new insight is visible to us.
If you wish to contribute, kindly contact us by clicking here!