One of the most important parts of project management is carefully making your budget plan. Since every project strongly relies dependently in its sources, budgeting is very crucial.
Firstly, you should do research. Learn from other projects. Identify different budget planning strategies. Be familiar with the pros and cons of every strategy. And determine which strategy will suit your project best.
Secondly, know your cost core. Identify your maximum and minimum values. Set estimates for future changes. Be transparent with the cost and always stick to it. Never go beyond your budget cost for this will entirely affect your project management once you ruined it.
And lastly, monitor! Always and always monitor your resources. The in and out of your money. And one more thing, always keep an additional fund which you should never touch unless it is the only last resort you have.
Budget planning is very important for it determines the effectiveness of your project scheme. So take time in doing it and be very sharp towards the numbers.
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