Budget planning is one of most essential traits that a project manager needs to have. While it can be a challenging and overwhelming task, especially for those who are new in the business, a budget plan is generally an important step in helping you keep track of your finances.
A budget plan for a project is crucial in order for a company or a small business to be able to provide a ballpark figure on the estimated costs of a particular project. A project manager is the one who typically provides an estimate for a project. You can download our sample project Budget Forms to help you make budget planning a breeze.
Final Report Project Budget Form
Project Budget Approval Form
Project Budget Request Form
Project Budget Revision Request Form
Free Project Budget Form
Planning for a project can be a daunting task, let alone planning for its costs. Forecasting potential expenditures and ideas for a project carries with it a broad range of uncertainties, which adds up to the strain of planning for the whole thing. It is important to be privy to the basics elements of setting up a project budget plan.
The Different Methods of Creating a Project Budget
There are generally two different ways of creating a budget plan for a project. One is the top-down approach, and the other is the bottom-up approach. Each one is explained below:
Top-Down Budgeting Method
The top-down budgeting approach focuses more on attaining the goal of the project while working within the specified amount of budget that has been allocated. This type of method works its way by dividing the allocated budget between the work packages. The top-down budget method is usually useful for project managers who have had previous experience and can formulate realistic budget plans based on previous projects. This method, however, may not be so practical for new project managers because their lack of knowledge and experience will result in an unreasonable cost estimate and an unrealistic budget.
Foundation Project Budget Form
Project Budget Form in PDF
Construction Project Budget Form
Project Budget Form in Word Format
Bottom-Up Budgeting Method
The bottom-up budgeting method requires more group interactions versus the top-down budgeting approach where the supervisors provide the specific budget. In a bottom-up method, the team identifies the tasks and activities that need to be accomplished. The project is based on the lowest-level of work packages that eventually leads to the total direct and indirect cost of each work project. This method is generally more accurate and promotes team work.
If you are a project manager and you are wanting to monitor your budget right after your project starts, be sure to use a budget form to properly track and deliver your financial reports to your clients. Regularly check the amount of money that is actually being spent versus the estimate that you have in your budget form or budget planners. Use our Sample Budget Forms to help you determine if the project is progressing as initially planned or if corrective action is required. Whichever budgeting method suits you, be sure to give extra careful time to create your budget plan and to review it as often as you can to make sure you stay on course.
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