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7 Ways to Create a Budget for Your Project

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:

  1. The hardest project budget you’ll ever write is the first one.
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