A project budget is a comprehensive assessment or estimate of all costs related to a project. The project budget is more detailed than a high-level budget that may have been developed in the initial stages of project development.
What is included in a project budget?
1. Labor or manpower costs.
2. Material costs.
3. Direct costs such as training
4. Equipment costs including ongoing equipment fees.
5. Overhang and consulting fees
6. Project reserves or contingency planning
7. Subcontracting costs or vendor fees.
There may be other costs unique to your project. Keep in mind the project budget is your best estimate of how much the project will cost and ultimately determine the initial cost to benefit analysis for sponsorships decision.
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