Preparing a Project Budget

The project budget is the estimated monetary resources needed to achieve the project's goals and objectives. There are various resources and strategies you can use to avoid over- or under-calculating your budget;

• [ ] Browse Historical Data
• [ ] Benefit from Experts
• [ ] Bottom-Up Approach
• [ ] Set Project Baseline

Direct costs

These are the costs of the items required to complete your project. Direct costs may include:

• Wages and salaries of employees and contractors
• Material costs
• Equipment rental costs
• Software licenses
• Travel and transportation costs related to the project
• Staff education

Indirect costs

These are the costs of items that do not directly contribute to the completion of your project but are necessary for the project team to do their job. Also known as fixed costs or overheads. Direct costs may include:

• Management expenses
• Auxiliary services (such as electricity, water, heating)
• Insurance
• General office equipment
• Security

Purchasing Processes

Supplier management includes finding a supplier, getting a quote, identifying the supplier that will best meet your needs, negotiating a contract, setting a delivery date, evaluating the supplier's performance, and making payment.

Common Purchasing Documents

Supplier management includes finding a supplier, getting a quote, identifying the supplier that will best meet your needs, negotiating a contract, setting a delivery date, evaluating the supplier's performance, and making payment.

• Confidentiality Agreement (NDA)

• Request for Proposal (RFP)

• Statement of Work (SoW)

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USEFUL RESOURCES for Project Budget, Procurement Documents