My favourite way of creating a project budget is to first ask how much money I’ve got, and then go from there :)
I know it’s not the best way – or even the most ‘project management-y’ way – but sometimes it’s worth cutting to the bottom line and using that as a starting point. What a waste of time costing out a project beautifully only to have executives tell you to try again, and make the number 50% less. Let’s just start with where we are supposed to end up!
However, that’s only one way to create a budget, and, as I say, is hardly best practice. In this short video, we’ll look at 3 more reliable ways to build out your project costs so you can establish how much your project budget will be overall.
For more background on how to create a project budget, this article will help you get your thoughts together before you dive in.
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