A project budget is a detailed financial plan that outlines the costs associated with completing a project over a specific period. It includes all the costs that are likely to be incurred during the project.
The budget is divided into different categories, such as labor costs, material costs, and overhead costs. It also includes a contingency fund to cover unexpected expenses.
The project budget serves as a financial tool that helps project managers estimate the cost and resources needed for a project, track its progress, and control costs.
It's crucial to keep the project budget realistic and flexible, as project scopes can change, leading to an increase or decrease in costs.
Remember, a well-planned project budget is a key to successful project management.
Even the most detailed and comprehensive project plans can fail due to uncertainty of participant ro...
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