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A budget is crucial for the success of a project as it provides a financial blueprint for the project. It helps in planning and controlling the financial resources. It also helps in tracking the costs and ensuring that the project does not exceed its allocated resources. Moreover, it aids in assessing the performance of the project by comparing the budgeted costs with the actual costs.
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Planning Phase – this phase requires creating a task list, making a budget, developing a risk management plan, building a project schedule and assigning tasks. Execution Phase – includes task, time, cost, quality, change, procurement and resource management, collaboration, monitoring, control and reporting. Closing Phase – the last phase of the project management deals with deliverables transfer, completion confirmation, documentation review, resources release and post-mortem.
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