Implication of Budgeting on Contemporary Project Management

Abstract

It is the total sum of money allocated for the specific project for a specific period of time. The goal of the project budget is to cost control. The objective of this chapter is to give the implication of budgeting on contemporary project management. The main focus of this chapter is to discuss the introduction, history, agile approach, etc. It has a direct impact on the company's financial feasibility. The research would discuss the approaches for the projects budget estimation and various steps for cost control. There are two types of reserves against risks: one is the contingency reserve for identified risk, and the other is the management reserve for unidentified risks. The project manager needs to be aware of existing resources acquisition policies, guidelines, and procedures. The author discusses the procedures for project budgeting and methods for evaluation of project budgeting.