Project Budgeting 101: Your Guide to Producing Your First Project Budget

Every project needs a budget. But you’re a Project Manager, not an accountant. So, most Project Managers find the thought of producing their first project budget daunting. Here, then, is my basic guide to Project Budgeting.
🎓 Learn Project Management with Mike: The Project Manager's Skills Mastery Program - school.onlinepmcourses.com/p/...
We look at 3 Approaches:
1. Activity, or Cost Center Budgeting
2. Work Breakdown Structure Approach
- How to Create a Work Breakdown Structure: A WBS Masterclass
- • How to Create a Work B...
3. RACI Chart Approach - aka Linear Responsibility Chart
- How to Build a RACI Chart
- • How to Build a RACI Chart
Whichever process you use, there are two additional things to always include:
1. Whole Project Costs
2. Contingency
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• How to Estimate Projec...
🎬 How to Anticipate Future Budget Challenges to Your Project
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🎬 What to do When you get Pressure to Reduce Your Project Budget
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🎬 How to Deliver Effective Project Cost Management
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🎬 Don't Let Your Project Get Caught in the Cost Trap
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🎬 Project Cost Management and Self Preservation
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🎒 A while back, I asked Project Managers in a couple of forums what material things you need to have, to do your job as a Project Manager. They responded magnificently. I compiled their answers into a Kit list.
kit.co/MikeClayton/what-a-pro...
Note that the links are affiliated.
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🎓 For more of our Project Management videos in themed collections, join our Free Academy of Project Management: onlinepmcourses.com/free-acad...
⏱ Chapter Markers...
00:00 - Project Budget 101
00:25 - Three approaches to creating a Project budget
00:51 - Activity - or cost-center - budgeting
02:23 - Work Breakdown Structure Budgeting (WBS Budgeting)
06:39 - RACI Chart Budgeting - or LRC Budgeting
11:13 - Whole-Project Costs
12:33 - Contingency
15:38 - Summing up Project Budgeting
#ProjectBudgeting #ProjectManagement #CostManagement

[@Onlinepmcourses]

In this video, I describe three ways to prepare a project budget.
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[@TEverettReynolds]

Who knew there were so many different ways to create a budget for a project. I have only ever used the WBS to CBS method, but it was nice to see the other methods. Thanks Mike!

[@Onlinepmcourses]

I'm glad to have offered some alternatives for you!

[@BiancaMH]

Thank you!!!

[@Onlinepmcourses]

You're welcome!!!

[@RobertShresthawolf]

First to comment 🎉
Love your video 😊

[@Onlinepmcourses]

Thank you, Robert!

[@areeban360]

Informative and helpful ❤

[@Onlinepmcourses]

Thank you.

[@janebenson5683]

Thanks so much

[@Onlinepmcourses]

You're very welcome