What is a project budget template used for?
A project budget is the total estimated cost of completing each project activity over each phase of a project. It’s important as it helps set expenditure expectations and is critical in getting project approval, ensuring funds are ready at the right time, and measuring performance. This is a dynamic document that is constantly updated, monitored, and reviewed throughout the project.
How is a project budget different from traditional budgeting?
A traditional budget is focusing on a company or department over a specific period of time and covers all activities during that time period. A project budget is focused on one project and only accounting for expenses related to that project.
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