All project resources cost money. In a world of limited funds, you're constantly deciding how to get the most return for your investment. Therefore, estimating a project's costs is important for several reasons:
i It enables you to weigh anticipated benefits against anticipated costs to see whether the project makes sense.
i It allows you to see whether the necessary funds are available to support the project.
i It serves as a guideline to help ensure that you have sufficient funds to complete the project.
Although you may not develop and monitor detailed budgets for all your projects, knowing how to work with project costs can make you a better project manager and increase your chances of project success.
This section looks at different types of project costs that you may encounter. It then offers helpful tips for developing your own project budget.
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.