Budgeting & Cost Control

Cost is usually one of the first questions that come up in any project. Making a project budget is an important part of any project management. Various things are there to take into consideration while calculating a budget for the project like employee cost, software expense, necessary equipment purchase, etc.

Project budgets are a reflection of project work and the timing of that work. A comprehensive budget provides management with an understanding of how the budget will be utilized and expended over time for projects.

A report says, "55% of project managers cited budget overrun as a reason for project failure."

In project management terms, an S-Curve is a mathematical graph that portrays relevant cumulative data for a project such as a budget plotted against time. The reason it's called S-Curve is that the shape of the graph forms a curve like a letter "S".

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