#142 Budgeting 1
Key Word
time and cost overruns: cost overruns is a cost that is more than the amount budgeted, while time overruns occur when projects or tasks is not completed by the time the project plan specifies
overrun: (예정된 금액, 시간을) 초과하다
The longer an IT project is supposed to take, the more likely it is to encounter time and cost overruns.
debt ceiling: the maximum amount that a government can borrow
To enforce a strict practice of no more debt, some countries and companies are adopting a debt ceiling.
dearth of information: insufficiency of information
dearth: 부족, lack와 같은 의미
A rational marketplace requires the free-flow of information; however, often there is a dearth of information.
rational: 합리적인, 이상적인
sunk cost: money already spent and permanently lost. 매몰 비용
When judging profit, risk, and the commitment to an undertaking, you must consider the sunk costs as well as other obligations.
fine-tune: make very small and precise changes to it in order to make it as successful or effective as it possibly can be. 성공을 위한 정교한 조정
To reach your targets and sales goals and make them realistic, it is important to fine-tune them in relation to data at your disposal.
in relation to: ~에 관하여
disposal: (사업체, 부동산 등의) 처분, (무엇을 없애기 위한) 처리
budget buster: spend more than they planned or intended. 예산을 엄청 많이 쓰게 만드는 것
It could potentially be a budget buster because we do not know how it is going to be paid for.
frugal: 절약하는. 긍적적인. 의미로 쓰임.
tight-fisted: 인색한, 구두쇠의. 부정적으로 쓰임. 돈을 손에 꽉 쥔 것을 상상하면 됨.
Tight-fisted implies being unwilling to part with money or being excessively stingy.
part with money: 돈을 마지 못해 내놓다.
put forth: ~을 제안하다.
What kind of effort does your company put forth for tight budgeting?
Dialouge
A: I am so elated to hear this fabulous news. Let’s just say that I am more than cautiously optimistic that we can not only match but exceed all benchmarks from previous Olympics. elated: 고무된, 우쭐되는
B: I agree that we have the spirit, but do we have the budget? With all these political talks recently about the debt ceiling, I hope that the new stadium is not seen as a budget buster.
A: That’s right; now is not the time to be so frugal and tight-fisted! However, we can leverage our net assets and use our inherent strengths coupled with wise resource allocation to make savvy decisions.
leverage: ~을 이용하다.
savvy: 요령 있는, 상식 있는
B: Well, we must identify threats that could cause time and cost overruns as well as accurately forecast earned value for the sunk costs.
A: Well said! A responsible fiscal policy is wise, but we should overcome inertia to build ambitiously. Not that smart design is any sort of panacea for public ills.
fiscal policy: 재정 정책
inertia: 타성
panacea: 만병통치약
B: For sure! Let’s make sure to fine-tune our budget to represent all fixed costs.
represent: 나타내다
A: Well then, we need to prevent a dearth of information from posing risks.
B: Basically, we need a seamless plan of action.
seamless: 아주 매끄러운. 심리스 브라 생각하면 됨.
Feedback
Original: I don't know exactly how my company decides their budget because my company is really big, so I don't know what the financial department does for the budget. I hope that "Please give me more team budget to eat expensive dinner." And more expensive dinner makes me more hard work.
Better: I don't know exactly how my company decides their budget because my company is really big, so I don't know what the financial department does to create the budget. I just hope that they give me a large budget so my team and I can enjoy expensive dinners because the expensive dinners make me work harder.
Original: Financial team also decides the salary and the perk for the whole employees, and more salary also makes me hard work.
Better: The financial team also decides the salary and the perks for all employees, and a higher salary also makes me work hrder.
Original: Usually, when I attend an IT project, usually at the end of the project, we always encounter the time and cost overruns, and our client force us quickly within the limited budget and time.
Better: Usually, when I work on an IT project, at the end of the project, we always encounter time and cost overruns, and our clients force us to work quickly within the limited budget and time.