Final answer:
A project manager typically organizes a budget by milestones, facilitating management of deadlines and finances. This strategic breakdown also aids in handling the challenges of multitasking on various projects and enhances communication within teams.
Step-by-step explanation:
Typically, a project manager organizes a budget by milestones. Then, the project manager lists tasks alongside each task's associated costs. Breaking down tasks into milestones helps in creating a more manageable and organized approach to meet project deadlines and achieve specific objectives. This method also facilitates better monitoring of budget use and task completion, which is critical, as missing a deadline can have severe consequences, such as project cancellation or significant revenue loss. For instance, take a scenario where a team is responsible for designing a new video game controller. If they fail to complete the design and testing on time, they risk missing the crucial holiday season. Similarly, project teams must balance their workload across multiple projects, like in the 'Better Together' project, which had its implementation challenges due to the multitasking of team members and communication issues that arose. A common technique employed by both project managers and students is to achieve a large goal by breaking it into smaller steps. This method makes the overall task less intimidating and easier to manage, which is why it's also a frequently recommended strategy for projects that involve extensive planning, such as long essays or research papers.