A budget allows project managers to control project costs. The budget can vary greatly in structure depending on the size of the project. For a more accurate budget, pay special attention to all details of the project.

Create a time-phased budget for your example project using bottom-up estimating. Approximate rates for ones you cannot get. treat indirect costs.

Be sure to include direct labor costs for you and your teammates. Budget your costs at the starting salary you expect to receive when you graduate (or your current salary if you are employed). Divide your annual salary by 2080 hours and add 20% for fringe.

State all assumptions and constraints you have used when creating your budget.

State how confident you are in your estimates and what would make you more confident.

Give examples of known knowns and known unknowns on your project. Tell how you have budgeted for both of them as well as unknown unknowns.

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