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Project Budgets

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What is the function of a project budget?

Explain the difference between a cost account budget and a time phased budget?

Why is it important to include management contingency in a project budget and how you would calculate the amount of contingency needed?

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What is the function of a project budget?
There are several functions of project budget. On one hand it sets up the sum that the project owner needs to spend to complete the budget, on the other hand it informs the project manager and responsible individuals about the funds available to each person responsible for every task in the project.
It clarifies the amount that is available for each phase of the budget and helps the company be ready with the required funds when each phase of the budget is ready. In other words it help determine the time when the funds will be required for the budget.

Explain the difference between a cost account budget and a time phased budget?
The cost accounting function is that of setting a budget for controlling an operation, process or project. The actual cost ...

Solution provided by:
Hatim Baxamusa, MBA
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  • BSc , University of Calcutta
  • MBA, Eastern Institute for Integrated Learning in Management
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