Mastering Project Time Management, Cost Control, and Quality Management: Proven Methods for Controlling the Three Elements that Define Project Deliverables

10. Develop a Project Budget

10.1 Introduction

Organizations are typically structured with activities and resources to accomplish the strategic objective of the organization through daily operations. In most cases, resources used to carry out the activities of daily operations have a cost associated, and the accounting department or finance officer has the responsibility to ensure the organization has sufficient funds to cover all activities required. As the organization completes activities on a regular basis, the finance officer can assess the funds typically required, derive a pattern of spending required, and develop a plan to forecast what funds will be needed in the near future, which is called an operations budget.

Much like an organization ...