![]() Let us look at Task 1: At the start of the project, John estimates the following about Task 1. Moreover, some complex projects may require the use of other resources in addition to labor and capital. ![]() In practice, wage rates can be different for each of the secondary and tertiary tasks. The project budget template has separate sections for labor and capital.įor simplicity, it has been assumed that labor charges a specific wage rate for each of the primary tasks. Project ABC requires the use of labor and capital for its completion. Finally, each secondary task has 2 tertiary tasks associated with it. Each of these primary tasks has 3 secondary tasks associated with it. John organizes the project in a Work Breakdown Structure format (WBS format). John is a project manager who is responsible for the completion of Project ABC. Let us look at the sample project budget template shown above. Project Budget Exampleīelow is a project budget example template: Throughout the course of the project, it lets the project manager check whether or not the project is sticking to its budget. Initially, the project budget allows the project manager to determine how much the project is likely to cost. It is continuously updated over the course of the project.Ĭorporate Finance Institute® offers a course on Budgeting and Forecasting that can help you learn more about creating a project budget! The Importance of a Project Budget The Project Budget itself is a dynamic document. ![]() Such projects often have a large number of costs associated with them, such as labor costs, material procurement costs, and operating costs. Large commercial projects can have project budgets that are several pages long. A project budget template includes a detailed estimate of all costs that are likely to be incurred before the project is completed. The Project Budget is a tool used by project managers to estimate the total cost of a project.
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