The Importance of a Detailed and Effective Budget

The Importance of a Detailed and Effective Budget

Project Management
For most people, preparing both the schedule and budget can be intimidating. Both require knowledge and experience regarding what we are estimating, but the uncertainty can run high in both cases, especially in the budget. In many cases, our clients review the budget in the context of a competitive bid to win their work. Therefore, we want to prepare a competitive and attractive budget, but not so much so that we run the risk of going over budget and, thereby, losing money. Estimating costs becomes easier as we gain experience, and we can look at previous projects and their budgets. In other words, when we can look at a project or activity and discern the associated cost based on experience and lessons learned. The latter is crucial in estimating costs.…
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