Project Budget

What is the Project Budget?

Project budget is defined as a financial and personnel disposal limit. A budget plan is needed for the project implementation. Its creation helps you to define the maximum of money, work costs, and resources necessary for the project at hand. The project budget is approved according to the order of tasks involved. The operations for the budget preparation are therefore not completed until the project is completed.

There are certain changes that can occur, while you are not corresponding to the planned budget. The project budget helps to implement the earned-value analysis while the processes are taken care of. The project progress and the related costs are thereby under control with the help of a well-planned budget. The project budget is divided into two sub-goals which helps you make the decision easier. 

The project budgets can be differentiated into two categories:

• Resource budget – for the handling of the internal resources
• Financial budget – for the payment in kind and external services

Also, See: Budget