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Project Budgeting and the Questions You Should Ask

Budgets are one of the 3 pillars that hold-up a project and they ensure that there is enough of “it” to support the other 2, viz. scope and time. All three are just as important but for a successful project implementation a smart budget is at its core.

The PMBOK talks about several methods we can use for budgeting but the one that is my favorite and is most accurate is “bottom-up estimating”. When using this method we break down each task into a smaller component and such a component can be assigned anywhere from 8-16 hours to complete. We then work our way up into estimates of higher-level deliverables.

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