Budgeting and Forecasting for Projects

Budgeting and forecasting for projects involve planning financial resources to ensure project goals are met efficiently. Budgeting sets a detailed estimate of costs needed to complete the project, such as labor, materials, and other expenses. Forecasting predicts future financial performance based on current data, helping to adjust plans proactively. Together, they enable project managers to control spending, assess financial viability, and make informed decisions. Effective budgeting and forecasting are essential for delivering projects on time and within budget, minimizing surprises, and ensuring resources are allocated appropriately throughout the project’s lifecycle.