The last core element in the planning of a project (after confirming goals, selecting team members, and outlining the work) is to determine the budget. Costs may come from labor, material, equipment, facilities, subcontractors, and/or travel. Many projects also have a reserve or contingency amount entered for costs that are overlooked or where there is a high risk that the cost may be incurred.
Most budgets are developed in two formats: (1) a total budget cost (TBC) and (2) a time-based budget where the earned value (EV) of the costs is estimated per week or month. The earned value needs to be managed (EVM- Earned Value Management). The time-based budget is important so that you know when funds need to be available for that part of the project and also to track funds as they are spent.
For the project plan you are developing, do an internet search for ‘project budget sample’ and/or ‘project budget template.’
Note1: Half of the assignment is the total project budget and half of the assignment is the week by week allotment of the budget over at least 4 weeks of the project time frame. The EVM Sample may help you lay out the specific costs for a set period within your project.
Note2: if your project is using volunteers, please generate a value for the volunteer labor. This becomes a useful tool when reporting the plan’s success later, as you can say “Our volunteers provided $xxxx equivalence in free labor for this projec
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