Assess the risks and include them in the budget

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After estimating the duration of the project, it is necessary to draw up a project schedule and costs at each stage of work. Make a list of all resources and tasks, indicate their cost. This may include payment for the work of specialists, rent, programs, purchase of equipment, etc.

For example, this can be done using a table. With its help, they calculate how many man-hours are needed to complete each task and how much it will cost. They make a plan like this:


Project structure and costs for each task
At the budget preparation stage, it is important to pay attention to the uk phone number list risks that may affect your project. Unforeseen situations and work can significantly increase the budget. For example, a delay in the delivery of materials or the dismissal of some employees lead to new expenses: downtime, finding new employees or suppliers.

Collect data and assess what risks may arise and how they may affect the budget. For example, use SWOT analysis to analyze risks . Once you have identified possible risks, create a budget reserve. This is an amount of money that you can use in case of unforeseen circumstances.

It is usually recommended to set aside 10-20% of the total project cost as a reserve fund. This way, you will be better prepared for unexpected situations and will be able to avoid a shortage of funds.

More information on what to do to manage risks can be found in the article " Risk Management ".

4. Determine the total cost of the project
Once you have information about the stages of work and costs, you should determine the total cost of the project. Complete the calculations as follows: add up the costs for each stage of work and each task. Consider a financial reserve for risks that may arise in the work processes. The result will be a total amount that will help you understand how much money you need to allocate to successfully complete the project.