Many banks offer overdraft protection for their customer’s checking accounts. It could be for an attached savings account, a small line of credit, or another mechanism designed to cover any over-runs on your checking account. After all, mistakes happen. This is a little insurance policy you may never use, but it is better than paying large overdraft fees.
So, why on earth are we talking about this in a project management blog?
Well, it is simple. Do you have any protection against project budget over-runs? Any last line of defense?
A main part of a Project Managers’ job is to successfully finish a project on time and under budget. With all of the variables involved, that is a tough proposition! For help with cost over-runs you may consider a tool like Standard Time®. Standard Time contains an automated feature that sends warning e-mails when a task or project is nearing the intended limit. In addition to the warnings, a Project Manager can set a “no pass” limit that will prevent an overrun or an allowance, but only if the Project Manager/Administrator allows it.
Task Warnings in Standard Time®
Nothing is fail safe. However, Standard Time is one tool that identifies impending problems and may be the extra nuance that keeps your projects on track.