Project budget

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The financial framework of a project

Project budget is a financial and personnel disposal limits that are needed for the project implementation. Its creating helps to define the maximal of money, work costs and resources necessary for the certain project. The project budget is approved in a project order. The operations for the budget preparation are therefore not completed. The changes, which are not corresponding to the planned budget, can occur during the project. The project budget helps to implement the earned-value analysis (partly also earned value method in the project management – is a tool of the project control) during the project process. The project progress and the related costs are thereby under control. The project budget is divided into sub-goals and makes therefore the decision easier. The project budgets can be different: resource budget (for the assignment of the internal resources); financial budget (for the payment in kind and external services).

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