What is an effective way to ensure a job is progressing within the allowed budget?

Keeping a log of man hours used and comparing it to the percentage of the job completed is an effective way to ensure a job is progressing within the allowed budget. This method allows for real-time monitoring of labor costs versus the work completed, providing a clear picture of whether the project is staying on schedule and within financial constraints. By tracking man hours, you can identify any discrepancies or inefficiencies early on, which enables you to make necessary adjustments to mitigate any potential overruns before they escalate.

This approach fosters accountability among the team members, as they can see how their time contributes to the project's overall progress. It also allows for timely interventions if the project is lagging behind budget expectations, thus ensuring that corrective actions can be implemented while there is still time to adjust the project trajectory.

Furthermore, this method promotes better planning and resource allocation, as it informs future scheduling, forecasting, and strategic decisions, ultimately leading to a more effective management of the budget throughout the life of the project.