Budget

The budget is the financial framework available to a project or to individual activities. It comprises the approved funds for resources, material and external services.

A budget can be distributed top down by breaking an overall amount down to the parts, or it can emerge bottom up by summing the estimated costs of the individual activities. Over the course of the project, the budget is compared with the actual expenditure in order to detect deviations early.

For the deep dive, see our blog post creating a cost plan made easy.