Project Budget Checklist

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1. Prepare for budgeting:

• Refine the project scope and set final goals to exactly know what you need to achieve;
• Refine the work breakdown structure (WBS) and complete the work plan;
• Estimate project work effort and duration (define effort hours to complete particular tasks);
• Identify and categorize resources to complete the work. Proposed categorization of resources:
  • Labor;
  • Equipment and Software;
  • Capital Investments or Rent;
  • Materials;
  • Operating Costs;
  • Administrative Costs;

2. Estimate the budget:

• Create the resource breakdown structure (RBS) and itemize a resource list for each project task;
• Define normal hourly rates for every specific role or a specific task to be compensated;
• Estimate costs for Labor by each task (efforts, skills and working hours to be compensated);
• Estimate costs for Materials by each task (consumable material resources used during the work);
• Estimate costs for Equipment & Software (acquirement/rental of equipment, tools and computer programs used by the team, including Project Office);
• Estimate costs for Capital Investments and Rent (any tangible property which cannot easily be converted into cash, but held/rented for a long-term service);
• Estimate Operating costs by each task (any overhead costs: electricity, water, bonuses, etc);
• Estimate Administrative costs (taxation, employment expenses, travel, services of consultants or sub-contractors, and any other additional costs);
• Add to estimates all other fees and costs related to hiring people (such as trainings and welfare organization);
• Compose a schedule of expenses to learn how the costs are allocated over the project timeline;

3. Source the budget:

• Identify all kinds of available budgeting sources (donations, sponsorship and loans);
• Estimate amounts to be contributed into the project budget from the project stakeholders;
• Estimate risks on tasks and hence get clear on budget override allowances (spending levels);
• Assess interdependency of the projects upon shared funds (whether your project has to compete for budget with other projects) and make sure the risk of funding shortfalls is not too high;
• Establish a budget baseline and identify spending controls;
• Draft the budget document according to corporate requirements and make sure it is profoundly composed/double-checked by a qualified accountant;
• Integrate the project schedule and budget into a sole schedule ...

Order 750 checklists in MS Word and PDF printable format at $49.99 USD only.

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