Project Budget Dashboard
Project budget dashboards allow for quick, visual comparison of the budget vs. actual spending of one or more project(s) as well as projected future costs.
Project budget dashboards make it easy to track whether or not project spending remains within budgeted limits. Project budget dashboards can display information on percent complete, percent budget spent, and forecasted total cost for one or more projects so project managers can check in on overall performance. These dashboards should also allow viewers to drill down into each project for more information on spending and progress.
In this project budget dashboard example from ClearPoint, charts displaying the project's projected budget as well as its percent complete offer a high-level understanding of the project's progress and current status.
In the first chart, we can follow the red line as our target budget based off the completion percentage. The purple and green bars can show us how well the budget is coming along in correspondence to the red target. The same can be said towards the second chart that charts the progress of the project.
The data table below these charts offers further details on how costs have varied since the initial budget was defined. You can also see the breakdown of the total spending so far.
Project-related key performance indicators are also often included in project budget dashboards. Here's our list of the 25 most important project management KPIs to track as part of your overall project management.
Key Elements for project budget dashboard:
- Comparison(s) of actual vs. budgeted costs
Comparisons make it easy to understand where you are on your spending. With that comparison easily visible, you can quickly identify and address any unexpected spikes or drops. The comparison allows you to see the pace of your project’s spending in comparison to the budget set. This allows you to better set budgets for future projects and understand if you’re on budget for the month, quarter, and year.
- Continuously updated forecast of project final cost
A forecast of project final cost allows you to quickly see where you can expect to be with your budget for various projects. This number allows you to re-adjust budget, if necessary, for upcoming projects to ensure you meet your budget for the year. By having this number easily accessible, finance departments and project managers never have to feel in the dark of the projects budget or final cost. This also keeps project teams accountable to keeping this final cost as close to the projected budget as possible.
- Status indicators to visualize how well budget goals are being met
Status indicators allow finance departments and project managers to see easily who’s managing their budget well and who isn’t. This allows finance departments to drill down into specific projects to find out more information and see the root of the problem. Status indicators give the visual needed for certain leaders to glance at the dashboard and quickly get the information they need. If they find they need more, the elements listed above assure them they can get the specifics they’re looking for.
This dashboard is intended to be viewed by project managers and finance departments. Both leaders can utilize this dashboard to gain an understanding of how projects are staying on budget and how that may impact the company’s budget for all projects.