The term project budget is relatively self-explanatory, and it's also one of the most important documents in the project management industry. Money's what makes the world go around, and it's also what makes a given project happen, after all.
Basically, project managers, stakeholders and team members put together project budgets in order to estimate total project costs. This usually occurs at the beginning of the project planning process and is a key element of any successful project.
Small businesses often use simple budgets that only take up one page, whereas larger business budget templates can be several pages long.
The content of project budgets varies depending on the industry, but they usually include the following:
Pro Tip: These can be separated into tasks and sub-tasks.
A project budget template is a key element of an effective project plan. Taking the time to put one together is well worthwhile because it:
Pro Tip: When developing your project budget template, be sure to differentiate between kinds of expenses. Do this by creating different columns for one-time and recurring expenses.
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We have a free project budget template just for you that's intuitive, easy-to-use, 100% customizable, and perfect for collaboration. It can be used for everything from construction projects to business projects; you can truly make it your own.
We can't wait to see what successful project you use our budget planner template for.
Ready? Let's get going on the customization of your project budget template. All you have to do is:
Ensure You Know Your Project Inside & Out
In order to put together an accurate project budget, you'll need to be deeply familiar with its scope. Before you even start budgeting, make sure you really understand all your project's different stages and get any relevant questions answered.
Break Down Your Project
No matter the size of your project, break it down into manageable pieces. There are many different approaches to this, but it's easiest to identify key milestones or tasks. Do this by using a work breakdown structure or a simple task list. Make sure to take note of the resources, materials and other dependencies (including employees) you'll need to complete each one.
Do Your Research & Estimate
Research and estimate how much the resources & materials you identified for each milestone cost and take note of each expense. Always account for a little bit extra, as we all know things end up being a little bit more expensive than we initially expect.
...voila! Project budgets might not be the most exciting part of project planning, but they're extremely useful and can be put together without too much difficulty (especially when using our template). Get started now and thank us later.