Cost is usually one of the first questions that come up in any project. Making a project budget is an important part of any project management. Various things are there to take into consideration while calculating a budget for the project like employee cost, software expense, necessary equipment purchase, etc.
Project budgets are a reflection of project work and the timing of that work. A comprehensive budget provides management with an understanding of how the budget will be utilized and expended over time for projects.
A report says, "55% of project managers cited budget overrun as a reason for project failure."
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