7 Ways to Create a Budget for Your Project
By Tim Clark
There’s a tight link between project management and budgets. Preparing a project budget requires thinking through the project in detail before anyone starts working.
“Budget is a proxy for project planning.” This aphorism was a live-tweet of a talk given by Aidan Byrne, CEO of the Australian Research Council. In other words, when you finish laying out a budget, you should feel like you’ve walked through the entire project.
While projects can differ dramatically, there are some common strategies when it comes to writing budgets, such as: plan for the worst, identify where changes are likely to originate and watch those areas closely. And don’t forget the contingency plan – and a contingency budget – in case things go a bit haywire.
Here are 7 tips and practices for creating a budget that supports your project:
- The hardest project budget you’ll ever write is the first one.