Project Budgeting
Project budgeting is the process of estimating the total costs associated with a specific project. It involves identifying all necessary expenses, including materials, labor, and overhead, to create a comprehensive financial plan. This budget serves as a guideline to ensure that the project stays within financial limits and meets its objectives.
Effective project budgeting also includes monitoring and adjusting the budget as the project progresses. By regularly comparing actual expenses to the budgeted amounts, project managers can identify any discrepancies and make informed decisions to keep the project on track. This helps in achieving the desired outcomes while minimizing financial risks.