Project budgets

A project budget is an estimate of all the costs required to complete a project, including expenses for labor, materials, equipment, and overheads. It serves as a financial plan that helps teams allocate resources efficiently, monitor spending, and ensure the project stays on track financially. By establishing a budget upfront, project managers can identify potential financial risks, prioritize tasks, and make informed decisions to deliver the project within the approved cost limits. Ultimately, a well-planned budget helps ensure the project's success and delivery on time and within the planned financial scope.