Cost Budgeting

Cost budgeting is a key part of project cost management that involves estimating and allocating the financial resources needed to complete a project. It involves creating a detailed plan that outlines all costs, such as materials, labor, and overhead, and how these expenses will be monitored throughout the project's duration. The goal is to ensure that the project stays within its budget, avoids unexpected costs, and achieves its financial objectives. By setting a clear cost budget, project managers can make informed decisions and keep the project on track financially.