The final step in project management before the actual execution of the project is budgeting. One your data has been analyzed, the steps that need to be taken have been decided, and a schedule has been made, it is crucial to find the best work for your process.
The price of the project can include anything from the cost of materials and labour to relative time costliness. In reality, each day working throughout the process is going to cost you money. Not only do you want to find the necessary components to complete the job fast but also effective and efficient.
This external article provides insight more in detail about the process of budgeting
This table above provides insight to the cost for each specific task. Each task has descriptions such as units (how many), cost per each unit, amount of hours needed, the cost per hour, its fixed costs, miscellaneous costs, the set budgeted amount, and the final actual amount.
It is important to continue to add up costs as the project moves along in order to not go over budget. One of the main issues with budgeting is budget contingency. This accounts for the unknown factors that come with the process of completing a project. It is crucial to set aside a large amount of capital aside to spare for costs that will incur throughout the time.