Budgets are plans for allocating organizational resources to project activities.
Forecasting required resources, quantities needed, when needed, and costs
Budgets help tie project to overall organizational objectives.
Budgets can be used as tool by upper management to monitor and guide projects
QUALITY OF BUDGET BASED ON BUDGET’S ABILITY TO:
- Advance the organization’s goals within the given constraints
- ·Communicate proposed plan to project team & organization