Project Budgeting

Project budgeting in project accounting refers to the process of estimating and allocating financial resources for a specific project. It involves detailing all anticipated costs, such as labor, materials, and overhead, to ensure that funds are available throughout the project's lifecycle. Effective project budgeting helps organizations stay on track financially, enables informed decision-making, and supports the timely completion of projects within agreed-upon financial limits. Ultimately, it aims to ensure that resources are used efficiently while achieving the project's goals without overspending.