![]() ![]() ![]() And don’t forget your indirect costs (expenses that benefit more than one project, so only a proportion of the expense needs to be allocated to a budget) like office rent, administration charges or insurance. You’ll also need to factor in any travel or accommodation expenses, consultants fees, and the cost of any consumables you’ll be using throughout the project’s life. You can start with the more obvious direct expenses when planning a budget for a project – salaries, and the cost of any goods or software purchased. What expenses should you include in your budget? You can then compare these estimated expenses against the actual costs incurred during the project, for an ongoing indication of whether the project is proceeding correctly or if corrective action needs to be taken. What does a good project budget look like?Ī good budget will allow you to create a breakdown of the estimated expenses you expect to incur during the life of the project. On the flipside, a project with a proper budget has a greater likelihood of approved by stakeholders, has less chance of running into cost-related delays, and most importantly, is more likely to have a successful outcome. Being forced to react to unexpected expenses can kill the momentum of an otherwise healthy project, causing delays and further increasing project costs. Project management budget planning – while these words cause many peoples eyes to glaze over, it’s hard to overstate the impact budgeting can have on your project’s chances of success or failure. But how do you go about creating a budget for your next project? What expenses do you need to include in your budget, and how should they be calculated? A good project budget template is a crucial component to ensuring you maintain control of costs throughout the life of a project. ![]()
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