Search for Well Architected Advice
< All Topics
Print

Track project lifecycle

Tracking the project lifecycle helps ensure that resources are used judiciously, aligning expenditures with business objectives. By measuring and auditing the phases of projects, teams, and environments, organizations can identify wasteful practices and optimize resource usage to drive cost efficiency.

Best Practices

  • Resource Auditing: Regularly conduct audits of all projects and resources in use. This involves tracking resource consumption and costs to identify unused or underutilized assets, allowing for informed decisions regarding scaling down or termination.
  • Budget Monitoring: Implement real-time budget tracking tools that alert teams when spending approaches predefined thresholds. This can prevent overspending and foster accountability across departments.
  • Performance Metrics: Develop and monitor metrics that correlate project progress and costs. Establish benchmarks to ensure that resources align with project goals and incentivize teams to stay on budget.

Supporting Questions

  • How do you ensure that projects do not exceed their budget allocations?

Roles and Responsibilities

  • Cloud Financial Manager: Responsible for overseeing the financial governance of cloud resources, ensuring that all expenditures are in line with project objectives and budgets.
  • Project Manager: Monitors project lifecycle to identify areas of resource waste and unnecessary spending while maintaining alignment with overall business goals.

Artifacts

  • Cost Management Plan: A document detailing how costs will be controlled throughout the project lifecycle, including budgets, monitoring methods, and approval processes for expenditures.
  • Resource Usage Dashboard: A visual tool that displays real-time resource consumption and costs across various projects, enabling teams to make informed decisions quickly.

Cloud Services

AWS

  • AWS Cost Explorer: A service that enables users to view and analyze their costs and usage patterns, helping to identify opportunities for cost optimization.
  • AWS Budgets: A tool that allows you to set custom cost and usage budgets, providing alerts when your spending exceeds thresholds.
  • AWS Trusted Advisor: A service that provides real-time guidance to help you provision your resources following AWS best practices, including cost optimization.

Question: How do you govern usage?
Pillar: Cost Optimization (Code: COST)

Table of Contents