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today we're talking about how to create a project budget and with that I want to share seven expert tips but first of all let's clarify what the project budget is it's the total projected cost to complete a project during a specific period of time with a specific result we want to be sure that we include several components first of all we want to include the direct cost directly related to the project as well as any indirect cost as well we also want to include fixed very and variable cost any labor and materials as well as travel there may be some travel related expenses we need to include as well as equipment we may need in any space any Lisa leases or license cost and there may be some other costs as well but these are just a few ideas why do we want to create a project budget anyway because it helps us to track the budgeted versus actual cost that gives us a variance that lets us know in the end or all along the way how we're doing so let's talk about the expert tips first of all use historical data if it exists if you have a similar project use historical data so you can compare data so you won't have to start from scratch also reference lessons learned you want to be sure not to repeat those same lessons you can take that and include it in this project as well leverage your experts and that includes your team members as well so your team who possibly have done similar projects can provide input as well as your stakeholders then confirm the accuracy once you build your project budget you want to maybe provide input and have people look at it to ensure that data is accurate also baseline once you have finalized your project budget you want a baseline and that's what you'll use all along the project to gauge the variance the rebase line to me is one of the keys between a failed and excess for project if you have changes to the budget and your change Control Board approves those then that gives you the ability to rebase line that budget also you want to update the budget real-time if there are changes you want to be sure that that's done on a regular consistent basis so you're tracking against the right numbers also get things back on track as soon as possible because every little deviation just compounds the problem so if you need a tool that can help you create manage and track your budget then sign up for our software now at projectmanager.com