From the course: Project Management Foundations

Unlock this course with a free trial

Join today to access over 25,500 courses taught by industry experts.

Develop a project budget

Develop a project budget

From the course: Project Management Foundations

Start my 1-month free trial Buy for my team

Develop a project budget

“

- [Instructor] With most projects, money is important, whether you're trying to make it, save it, or stay within a budgeted amount. Project cost is one of the three key constraints you need to manage, and the project budget is your starting point. The project budget should be a realistic estimate of the cost to complete the project work. If your estimate is unrealistically high, the project could be canceled. If the estimate is too low, the project will cost more, which usually means it won't deliver the financial benefit it's supposed to. You estimate all the costs associated with completing the project work, including labor, materials, and other costs like travel. You can start with rough estimates for the first few levels of your work breakdown structure. Then create more accurate estimates as you learn more about the project. Labor cost is usually a big part of a project's cost. That is what you pay people who work on the project. If you hire vendors or contractors, their charges…

Contents