Project Budget Example: Real project manager explains

This budget is for a small project. The following template can be used for most projects. However, you must remember one important concept.
Click to view the full-size image
This means that I used a specific method to break down the work into tasks. If you want to create a budget that is accurate, it is essential to use the concepts of WBS as well as bottom-up estimates.
Project Budget Example in MS Project and Other Tools
Excel is a great tool for small and medium projects. To make the budget easier to use, you can use one sheet per deliverable.
Let me show you an example of a similar project budget, but in a project management program.
First, you can keep a separate list of all project resources. Next, you can create a resource availability calendar, set regular and overtime rates, as well as contact details.
It’s the Merlin Project. Click to view the full-size image
Based on the time you assign a task or task to a resource, project schedule and budget will automatically account for this information.
A side note: I don’t call real people “resources” every day. I would use a title or a name. It’s fine to call a resource if there is an open position in your project.
It’s the Merlin Project. Click to view the full-size image
Project management software also allows you to allocate budget to specific tasks and resources.
Example of a Software Project Budget
Let me give you an example of a software project budget. It is important to recognize that every industry and company has its own way of controlling and estimating costs.
A PM is responsible for tracking the costs of software development projects. This is because it’s the largest part of running expenses.
As you can see, we can plan and keep track of our monthly budget using a simple spreadsheet.
Why?
Most companies use a modified Times and Materials contract. We charge the project owner for actual work done by a resource per hour, day, and week. Sometimes clients agree to pre-pay for a month.
Software projects are always inextricably linked to hardware.
IT Project Budget Example
You must budget for infrastructure in order to host your software.
But there’s a catch.
There are so many payment options available today that one example is not enough.
However, companies such as Amazon and Microsoft offer calculators to calculate infrastructure costs.
These can be used as a starting point. However, you will need to make usage predictions in order to avoid exceeding your payment plan’s limits.
These project management examples are great, but you won’t be able to recreate them by simply looking at photos. Each line has many considerations.
Let me share some tips for creating a project budget that is accurate.
What is a Project Budget?
Before we get into the practicalities of creating a budget for a project, it is important to understand what it is.
A project budget is a tool that calculates how much money is available to complete the project. It includes all expenses related to the project, such as wages, materials, risks reserves, and fees. Based on the Activities List, the project budget is prepared.
It’s not just a number and not the sum total of all expenses. Instead, a project plan budget is a tool that allows you to prove all the resources required to complete the work you have identified.
Step by step guide on how to create a project budget
Budgeting a project is not necessarily the first or second step in project management. The instructions below assume that all previous processes were followed.
Choose a Project Budget Template
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