Project Budget Template

Umpqua Keeps Testing New Ideas

Branch traffic is declining as consumers gravitate toward web and mobile channels. And running branch networks remains expensive, accounting for about 50% of a bank's operating budget. But they're still important: a Novarica study shows two-thirds of consumers wouldn't choose a branchless bank. In this feature package, BTN looks at how Umpqua, Citi and Huntington are using technology to engage customers. Lani Hayward, executive vice president of creative strategies at Umpqua Bank, had an eye-opening experience this spring while visiting a jam-packed Starbucks in Seattle at 2:00 in the afternoon. The bustle itself wasn't unusual. But she suddenly realized that these were mostly business people who weren't just stopping in for a cup of coffee on their way to or from the office. This was their office. They were conducting business for hours at a time on their laptops and mobile phones. There was not a seat to be had. As Hayward sees it, Umpqua has an opportunity to become a small business hub more tailored to these independent business people and become a sort of proxy office they can come to day after day. With this in mind, the bank plans to open a San Francisco branch in the fourth quarter that will contain rooms with collapsible walls. These rooms can be easily reconfigured for temporary office space so customers can conduct a meeting or interview. From most bank executives that might sound hokey, but Umpqua has a solid track record of branch innovation dating to the late 1990s. That's when it rolled out its iCafes, which gave customers and passersby a place to stop in, use a computer and have a free cup of coffee. Earlier this year, J.D. Power & Associates ranked Umpqua the highest in customer satisfaction for the Northwest region in its 2011 Retail Banking Satisfaction Study. Instead of teller windows, the branches have concierge desks, like those in a high-end hotel, staffed by Ritz-Carlton-trained associates. A "discover wall" has interactive screens that showcase neighborhood events, financial tools and product information. The computer café allows people to surf the Internet and bank online. And of course there's the free coffee. The bank plans to take this concept a step further when it opens a San Francisco branch in the fourth quarter. Account-opening rooms will look more like living rooms than offices, since people no longer need to sit around a computer. The rooms will have collapsible walls so that they can be made larger or smaller, and they will be available to small-business customers who might be using the iCafe section of the store but would like a temporary office to meet with a colleague or to conduct a Web conference. Hayward says the bank is rolling out Microsoft Surface technology with more engaging applications. It is also launching a pilot program for "Umpqua Live Advise" in the fall with Cisco videoconferencing technology that will allow customers to speak with experts on a full screen with a clear, crisp picture. It's a project several years in the making. "We've been waiting for the technology to get better," Hayward says.

Project Budget – Considerations and What to report during each ...

4) Manage scope

Most of the PM’s I know do (1), (2) and (4) very well but rarely do we keep team informed, esp. budget info (I am also the culprit here!). If the budget metrics like Planned Value (PV), Earned Value(EV), and Actual Cost(AC), are clearly communicated to all team members on regularly basis, I am sure team members would look at each other and wonder as to why they are charging more/less for their respective tasks. This is certain to ignite some discussion in a positive way, which could lead to better resource utilization and thereby better control.

Few things - 2) In addition to EVM chart depicting PV, EV, AC upto date, report the following as well:

3) Create a project budget template either in Excel/MS project, which can then easily be fed to Status report, during each reporting period

Majority of stakeholders are worried about Budget overruns – so, ensure that they clearly understand the numbers above, and help them decide on next project steps.

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