Project Budget Example: How to Create an Accurate Project Budget for Junior Project Managers

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No one gives you a project budget example on the internet.

Why?

Every company has a specific way to do business. It includes the ways to bill clients, send invoices, work with vendors in general.

Nevertheless, there's a common way to determine a budget in project management.

And here's the truth:

There are no ninja tricks for project budget specifically.

Budget in project management starts long before you do any cost estimates.

In this training video, you'll learn how to come up with an accurate project budget by identifying 100% of the project scope.

Moreover, the scope of work that clients actually approved.

Is there a specific way of budget tracking in project management?

Ideally, you need to have a dedicated project management software. You create all the documentation there.

If you follow my recommendations, you'll have a Work Breakdown Structure. You'll have all pieces of work properly described.

So, you'll do the bottom-up estimate right in the application.

However, project budget management in excel is still a common thing.

On a smaller project, it's much easier to do it in a spreadsheet.

(but I still recommend you to maintain WBS structure)

In the video, I'll show you the project budget example you can use in excel.

The same principles will apply to any modern PM software.

Again, Project Cost Management is very industry and company-specific.

As a project manager, you need to understand the concepts of budget creation and budget tracking.

My best advice for you, do talk with your leadership about the project budget.

They should provide you the initial input.

Believe me, no one expects you to know how this specific company operates.

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MENTIONED IN THE VIDEO:

Project Scope Statement: How to Create it on Example
https://youtu.be/f2IdKUGl0zE

Видео Project Budget Example: How to Create an Accurate Project Budget for Junior Project Managers канала Dmitriy - Project Management Basics