In This Chapter
• Understand why the project budget is important to project success
• Review the process for figuring a realistic budget
• Learn the key project budgeting principles
• Understand the common mistakes people make when building a project budget
It’s one of the key success factors for projects—completing the project within budget. Yet, for many project managers, especially those managing internal projects, it’s the success factor they have the least awareness about. There are several reasons why this occurs, and it does vary by industry, but most of the reasons have to do with organizational management structures and organizational budgeting and cost-controlling policies.
For our purposes, in this ...