Every project needs a budget. But you’re a Project Manager, not an accountant. So, most Project Managers find the thought of producing their first project budget daunting. Here, then, is my basic guide to Project Budgeting.

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We look at 3 Approaches:
1. Activity, or Cost Center Budgeting
2. Work Breakdown Structure Approach
- How to Create a Work Breakdown Structure: A WBS Masterclass
-    • How to Create a Work Breakdown Struct...  
3. RACI Chart Approach – aka Linear Responsibility Chart
- How to Build a RACI Chart
-    • How to Build a RACI Chart  

Whichever process you use, there are two additional things to always include:
1. Whole Project Costs
2. Contingency


Recommended Videos
Carefully curated video recommendations for you:
🎬 How to Estimate Project Costs: A Method for Cost Estimation
   • How to Estimate Project Costs: A Meth...  
🎬 How to Anticipate Future Budget Challenges to Your Project
   • How to Anticipate Future Budget Chall...  
🎬 What to do When you get Pressure to Reduce Your Project Budget
   • What to do When you get Pressure to R...  
🎬 How to Deliver Effective Project Cost Management
   • How to Deliver Effective Project Cost...  
🎬 Don't Let Your Project Get Caught in the Cost Trap
   • Don't Let Your Project Get Caught in ...  
🎬 Project Cost Management and Self Preservation
   • Project Cost Management and Self Pres...  
🎬 Project Financial Management - 5 Tips for Good Project Cost Control
   • Project Financial Management - 5 Tips...  


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https://kit.co/MikeClayton/what-a-pro...
Note that the links are affiliated.

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⏱ Chapter Markers...
00:00 - Project Budget 101
00:25 - Three approaches to creating a Project budget
00:51 - Activity - or cost-center - budgeting
02:23 - Work Breakdown Structure Budgeting (WBS Budgeting)
06:39 - RACI Chart Budgeting - or LRC Budgeting
11:13 - Whole-Project Costs
12:33 - Contingency
15:38 - Summing up Project Budgeting


#ProjectBudgeting #ProjectManagement #CostManagement