A budget is defined as an estimation of revenue and expenses over a specified period of time. It is usually compiled and re-evaluated on a periodic basis to handle the project delivery. Budgets can be made for a person, a group of people, a business, a government, or a project, to keep in check the amount spent.
To manage your project expenses you will have to prepare for unpredictable events, and be able to afford the challenges and their solutions without going into debt. Keeping track of how much funds you have and spend doesn’t have to be drudgery, doesn’t require you to be good at math, and doesn’t mean you need to let go of the things you want for your project. It just means that you’ll know where your money goes, you’ll have greater control over the finances of the company.
Also, See: Cost Estimation
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