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Project Budgeting Explained

What is project budgeting.

Don't let the idea of project budgeting intimidate you.

The budget for a project is simply the combined costs of the individual activities or work packages that the project must accomplish. The budget is represented by the approved cost baseline.

Before we look at how the budget is developed, it's important to understand why it's important.

Why the Project Budget is Important

There are two key reasons the budget of your project is important...

First, the approved budget is what drives project funding . It will tell stakeholders how much money is needed and when it is needed. Your ability to get people, equipment, and materials when they are needed are dependent on the funding provided as a result of your budget.

The second reason budgeting is important for your project is because it provides the basis for project cost control . By measuring the project's actual cost against the approved budget, you can determine if the project is progressing according to the plan or if corrective action is needed. This is accomplished using a cost baseline.

How to Budget a Project

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Now that you know what a project cost budget is and why it is important, you need to know how to prepare a budget for your project.

Most organizations have policies, procedures, and guidelines for handling cost budgeting. So the first step is to make sure you are familiar with your organizations budgeting processes and tools. If this is your first time handling project finances, find a controller in your organization that will help you understand how your project fits into the overall financial structures of your company.

There are six pieces of information that you will need to prepare your budget...

• Activity Cost Estimates
• Basis of Estimates
• Scope Baseline
• Project Schedule
• Resource Calendars

Activity cost estimates are the individual cost estimates for each activity or work package that your project will complete. For each activity, the cost estimate generally includes direct labor, materials, equipment, services, facilities, and information technology.

The basis of estimates documents supporting details about the activity cost estimates. For example, how the estimates were made, assumptions and constraints, and the confidence level of each estimate.

The scope baseline will let you know if there are any funding constraints that may be mandated by your organization, contracts, or other groups such as government agencies.

The project schedule will be used to determine the cost budget over time. For a specified calendar period, you can combine the activity costs that are planned for that period to determine the time-phased budget.

Resource calendars will let you know which resources are assigned to the project and when they are assigned. Using each rates for each resource and combining with the project schedule you can then determine resource costs over time.

Contracts for products or services will be used to determine their costs and can then be included to the project budget.

Once you have the above information, then it is simply a matter of summing up the costs to determine the budget for your project. It can be represented using a cost baseline as shown in the following diagram...

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The cost baseline shows the total planned costs at a point in time. From the cost baseline, you can then determine your periodic funding requirements. The funding requirements are represented using the dashed steps. Funding Point 1 (F1) requires F1$, Funding Point 2 (F2) requires F2$, and Funding Point 3 (F3) requires F3$. The total project budget is F1$ + F2$ + F3$.

In Conclusion...

Project budgeting is important for getting your project funded as well as keeping it controlled. To prepare your project's budget, you simply sum up the estimated costs of the individual activities or work packages. This will give you the information you need to create a cost baseline and determine your funding requirements.

Related Articles About Project Budgeting

Project Cost Management

Project cost management is one of the most important aspects of project management that you need to master. Learn about project cost estimating, budgeting and control.

Project Cost Estimating Tools and Techniques

Learn which project cost estimating tools and techniques can help you develop more accurate cost estimates for your projects.

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Creating a Comprehensive Project Budget Plan for Financial Control

September 2, 2023 - 10 min read

In project management , one of the key factors that contributes to the successful completion of a project is a well-structured and comprehensive budget plan. A project budget plan serves as a roadmap for financial control, enabling organizations to allocate resources effectively, monitor expenses, and ensure the project stays on track. Understanding the importance of a project budget plan is crucial for project managers and stakeholders.

Understanding the Importance of a Project Budget Plan

Projects of any size require financial planning and control to avoid cost overruns and ensure that the allocated funds are used efficiently. A project budget plan provides a comprehensive overview of the financial aspects of the project, including the estimated costs, resources required, and potential risks. It serves as a reference point throughout the project lifecycle and assists in making informed decisions regarding resource allocation and prioritization.

The Role of a Budget Plan in Project Management

A budget plan plays a critical role in project management by providing financial guidelines and constraints . It acts as a control mechanism, so that the project team adheres to the allocated budget and avoids unnecessary expenses. Additionally, a well-designed budget plan helps identify potential risks and uncertainties associated with the project. By considering various scenarios and estimating costs, project managers can proactively manage risks and develop contingency plans to mitigate possible disruptions.

Benefits of a Comprehensive Budget Plan

There are several benefits associated with implementing a comprehensive budget plan for a project:

• Financial Visibility: A budget plan provides transparency and insight into the financial health of the project. It allows stakeholders to understand the financial requirements and make informed decisions. Anticipate and plan for potential financial challenges by conducting thorough cost estimations and considering various scenarios. This will minimize the impact of unexpected financial hurdles and keep the project on track.
• Resource Allocation: By accurately estimating costs and resource requirements, a budget plan helps allocate resources effectively, so that they are utilized optimally and on time. This enhances productivity and reduces delays.
• Decision Making: A budget plan serves as a guide for decision making, allowing project managers and stakeholders to evaluate the financial implications of alternative strategies or changes to the project scope.
• Control and Accountability: A budget plan provides a framework for monitoring project expenses, so that the project stays within the allocated budget and that deviations are identified and addressed promptly.
• Communication: Project managers can effectively communicate the financial aspects of the project to stakeholders and team members by using a budget plan. This clear communication fosters transparency and trust, as everyone involved understands the financial constraints and objectives.

Key Elements of a Comprehensive Project Budget Plan

A comprehensive project budget plan encompasses various key elements that provide a holistic understanding of the project's financial requirements. These elements include:

Identifying Project Costs

Before creating a budget plan, it is essential to identify all the costs associated with the project. This includes direct costs such as personnel, equipment, materials, and subcontractors, as well as indirect costs like overhead, administrative expenses, and contingencies. By analyzing past projects and consulting with subject matter experts, project managers can accurately estimate the costs involved.

• Personnel costs: Take into account not only the salaries of the team members but also any additional benefits, such as healthcare or retirement contributions. They also need to consider any training or certification expenses that may be required for the project team.
• Equipment costs: Research both the initial purchase or lease costs as well as any ongoing maintenance or repair expenses. Also factor in any depreciation or obsolescence that may affect the value of the equipment over time.
• Materials costs: Vary depending on the nature of the project. For construction projects, estimate the costs of raw materials such as concrete, steel, or lumber. For software development projects, take a look at the costs of licenses or subscriptions for any necessary software tools.
• Subcontractors: Some may require specialized skills or expertise. Carefully evaluate the costs associated with subcontracting work and consider any potential risks or delays that may arise from relying on external vendors.
• Indirect costs, such as overhead and administrative expenses: These costs include rent, utilities, office supplies, insurance, and other operational expenses that are necessary to support the project's activities.
• Contingencies: Account for unexpected events or changes that may occur during the project. By setting aside a portion of the budget for contingency funds, project managers can mitigate the financial risks associated with unforeseen circumstances.

Estimating Resources and Expenses

To develop a realistic budget plan, project managers need to estimate the resources and expenses required to complete each activity. This involves determining the manpower, equipment, and materials needed, as well as considering any external expenses such as permits, licenses, or travel costs. By leveraging historical data and industry benchmarks, project managers can estimate the resources and expenses more accurately.

• Estimating resources: Take a look at the skills and expertise required for each task. Assess the availability of internal resources and determine if additional staff or contractors need to be hired. 
• Expenses: Construction projects may require permits or licenses, which can incur additional costs. Travel expenses, such as transportation and accommodation, may be necessary for projects that involve multiple locations or client meetings. 

Considering Contingency Funds

Unforeseen events can arise during a project that may require additional resources or incur additional expenses. To account for these uncertainties, allocate contingency funds within the budget plan, as a percentage of the overall budge or allocated specifically for certain high-risk areas. For example, if a project involves complex technology integration, project managers may allocate a higher percentage of contingency funds to account for potential technical challenges or delays.

Overall, the contingency funds act as a safety net, allowing for flexibility in case of unexpected circumstances or changes that may impact the project's financials. This not only helps to make sure that the project stays within budget but also provides a sense of financial security to stakeholders and clients.

Steps to Create a Project Budget Plan

Developing a project budget plan involves several crucial steps that project managers should follow to be effective:

Defining Project Scope and Objectives

Before creating a budget plan, define the project's scope and objectives clearly. This provides a clear framework for identifying the necessary resources, estimating costs, and setting realistic expectations. By understanding the scope, project managers can align the budget plan with the project's goals and prioritize financial allocations accordingly.

• Consider all the deliverables, tasks, and activities that need to be completed. This includes identifying the project's boundaries and determining what is included and excluded from the scope. 
• Involve key stakeholders in the process of defining the project scope and objectives. This collaboration helps in gaining a comprehensive understanding of the project's requirements so that all relevant factors are considered when creating the budget plan.

Detailing the Budget Breakdown

Once the project scope is defined, start breaking down the budget plan into different cost categories, such as manpower, equipment, materials, and overhead. Each category should be detailed and include the estimated costs, resources required, and any assumptions made. This level of detail allows for accuracy and clarity in the budget plan.

• Direct costs include expenses directly related to the project, such as salaries and wages of project team members, equipment rentals, and material costs.
• Indirect costs refer to expenses that are not directly tied to a specific task but are necessary for the project's success, such as administrative overhead and utilities.
• Consider any potential risks or uncertainties that may impact the budget plan to be able to accommodate any unforeseen circumstances.

Reviewing and Adjusting the Budget Plan

A budget plan is not a static document; it needs to be regularly reviewed and adjusted throughout the project's lifecycle. As the project progresses, unforeseen circumstances or changes in scope may require modifications to the budget plan. It is vital for project managers to proactively monitor and control expenses and make necessary adjustments to ensure that the project stays within budget.

• Regular reviews of the budget plan help track actual expenses against the planned budget and identify any variances. This may involve reallocating resources, revising cost estimates, or implementing cost-saving measures.
• Cnsider the impact of any changes in scope or objectives on the budget plan. If there are any modifications to the project's goals or requirements, assess the financial implications and make adjustments to the budget plan accordingly.
• Communicate any budget plan adjustments to the relevant stakeholders, for transparency and alignment with the project's overall objectives. 

Implementing the Project Budget Plan

Creating a budget plan is only the first step; its successful implementation is crucial for financial control and project success. The implementation phase involves:

• Regularly review the actual expenses against the planned budget and identify any discrepancies. Take corrective actions if necessary and manage the financial aspect of the project proactively.
• Inevitably, there may be instances where the actual expenses deviate from the planned budget. When this occurs, investigate the reasons for the variance and identify strategies to manage the budget effectively. This may require reallocating resources, renegotiating contracts, or implementing cost-saving measures.
• Regularly report the budget status to stakeholders. This includes providing updates on expenses incurred, any budget variances, and the overall financial health of the project. 

Create a Comprehensive Project Budget Plan with Wrike

Creating a comprehensive project budget plan is key to financial control. With Wrike, you can easily manage and create your project budget plans. Wrike allows you to create individual folders for each budget plan or project, serving as a central hub for all relevant information and updates. Beyond just creating a budget plan, Wrike offers a comprehensive suite of tools designed to streamline your workflows, foster collaboration, and drive productivity. From real-time communication to intuitive task management features, Wrike provides everything you need to create a comprehensive project budget plan for financial control. Ready to create a comprehensive project budget plan and enhance your financial control? There's no better time to start than now. Get started with Wrike for free today.

Note: This article was created with the assistance of an AI engine. It has been reviewed and revised by our team of experts to ensure accuracy and quality.

Occasionally we write blog posts where multiple people contribute. Since our idea of having a gladiator arena where contributors would fight to the death to win total authorship wasn’t approved by HR, this was the compromise.

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A workflow diagram is a visual representation of a process that illustrates how tasks are completed from start to finish. The diagram outlines each step in the workflow, specifically the inputs, outputs, and connections between each step.  Let’s say you work for a company that manufactures and sells products. Making and selling a product involves many steps, like designing, sourcing materials, manufacturing, marketing, and selling it. A workflow diagram can depict how all of these steps are connected in order. Benefits of using workflow diagrams The plethora of benefits to businesses taking advantage of the workflow diagram include: Improved efficiency: It is easier to identify areas for improvement and streamline operations. Steps that take too long or cause delays can quickly be identified and addressed. Reduced errors: Understanding how a process works can help reduce mistakes and increase efficiency. Clear communication: Workflow diagrams clearly communicate project steps to others and can be especially helpful when training new employees or working with outside vendors. Flexibility: If changes to the workflow must be made, diagrams assist the team in understanding how they will affect the overall project. If a new step is added or removed, the diagram can be updated to reflect these changes. Key components of a workflow diagram Workflow diagrams typically include the following elements: Start/end points: A clearly defined start and end point indicates where the process begins and ends. This is often represented by a circle or oval shape. Tasks or actions: Each step in the workflow serves as a specific task or action. This is often denoted by a rectangle shape. Decision points: Decision points reflect a choice that must be made in the process, such as whether to proceed to the next step or not. This often comes in the form of a diamond shape. Connectors: Connectors symbolize the flow of the process, showing how one task or action leads to the next. This is often represented by arrows or lines. Inputs and outputs: Input and output data or information should be included to show what is needed for each step and what is produced as a result. Use small rectangles connected to the task or action to mark them. Workflow process examples and types of diagrams While there are many types of workflow diagrams, some of the most common include: Flowchart diagrams Flowchart diagrams use symbols to represent each step in a workflow and the connections between them. These diagrams are often used to show the logic of a process. They help find ways to make a process better, especially when there are extra or unnecessary steps. Let’s take the example of a manufacturing operation. A flowchart shows the steps to make a product, from materials to finished goods. This tool can also show the different stages of the process, such as assembly, quality control, and packaging.  Swimlane diagrams Swimlane diagrams, also known as cross-functional flowcharts, illustrate the steps in a process across multiple departments or functions. This type of diagram is particularly useful for identifying areas where communication and coordination between departments can be improved. Swimlane diagrams use horizontal or vertical lines to separate the different departments or functions involved in the workflow. A swimlane diagram can be used to depict the steps for hiring in a company. The diagram illustrates the different departments involved in the process, such as HR, hiring managers, and finance.  Business process model and notation (BPMN) diagrams BPMN diagrams are a standardized form of workflow diagram used to portray complex processes. These diagrams use specific symbols to define the different types of tasks, decisions, and events that make up a process. BPMN diagrams are particularly useful for modeling business processes that involve multiple departments or functions. A BPMN diagram can be used to illustrate the order-to-cash process in a company. The diagram can show the different tasks involved in the workflow, such as order entry, invoicing, and payment processing.  Data flow diagrams (DFDs) DFDs are used to represent how data flows through a system or process. These diagrams are particularly helpful when identifying data sources, storage, and transformations. Also, DFDs are quite useful for modeling complex systems that involve multiple data sources and transformations. For instance, a DFD can be used to explain the flow of data in a customer relationship management (CRM) system. The diagram can show how data flows from customer interactions to the CRM system, and how it is stored and used to inform business decisions. Try Wrike for free How to create effective workflow diagrams Creating an effective workflow diagram requires careful planning and attention to detail. In this section, we’ll explore some key steps to take when creating a workflow diagram that accurately reflects your process and is easy to understand. 1. Identify the scope Before you create a workflow diagram, determine the scope of the process you’re trying to document. This includes the boundaries of the process, what data is being used, and who the stakeholders are. By doing so, you’ll be able to create a diagram that accurately reflects the workflow and provides value to stakeholders. When diagramming a workflow for a customer service process, you’ll need to identify the different stages of the process. This involves initial contact, issue resolution, and follow-up. You’ll also need to determine the data that’s being used, such as customer information, issue details, and resolution status. Finally, you’ll need to identify the stakeholders involved, such as customers, customer service representatives, and managers. 2. Gather relevant information Once you’ve identified the scope, the next step is to gather relevant information about the process. This may involve speaking to stakeholders, gathering data, and documenting existing procedures. The goal is to create a more accurate and detailed workflow diagram. You may need to interview customer service representatives to understand how they handle different types of issues. You may also gather data on the average time it takes to resolve issues and the most common types of problems that arise, or document any existing procedures. 3. Choose the right diagram type When selecting a diagram type, it’s important to choose one that accurately reflects the process you’re documenting. Consider the level of detail required, who the audience is, and what the purpose of the diagram is when making your decision. If you’re creating a workflow diagram for a complex process with multiple decision points, you may want to use a BPMN diagram. This type of diagram uses standardized symbols and notations to represent different types of actions and decision points, making it easier to understand and analyze the process. 4. Use standard symbols and notations Standard symbols and notations make your diagram easily understandable and accessible for all team members and stakeholders. There are a number of established symbols and notations that are used in workflow diagrams, including those in BPMN diagrams. For example, while a rectangle is commonly used to represent a process step, a diamond typically stands for a decision point.  5. Ensure clarity and simplicity Finally, it’s important to make your diagram as clear and easy to understand as possible. Consider using a logical flow and avoiding too much detail or complexity. Focus on the key steps in the process and ensure that the connections between them are clear. You may want to use color coding or different line styles to symbolize different types of actions or decision points. Annotations or comments would also suffice to provide additional context or information about specific steps in the process. Whether you’re documenting a customer service process, manufacturing process, or any other type of process, it pays to create a well-designed workflow diagram that can help you identify inefficiencies and improve overall performance. How project management tools streamline workflow diagrams Project management tools assist teams in collaborating, sharing, and accessing visual representations of workflow diagrams. These tools provide a central platform for working together effectively. They enable real-time updates and version control, ensuring that everyone is on the same page and that changes to the workflow can be efficiently managed.  Moreover, they often integrate task assignments, notifications, and progress tracking, simplifying the execution of each step in the workflow. Use Wrike as your workflow management software Wrike has proven to be an invaluable solution in the quest for efficient workflow management, particularly when it comes to implementing and visualizing workflow diagrams. Wrike helps users easily make, monitor, and enhance workflow diagrams with its user-friendly interface and numerous features. Its intuitive drag-and-drop functionality allows teams to design intricate diagrams with ease, ensuring that every step in their processes is clearly defined and organized. The real-time collaboration features enable teams to work seamlessly, whether they’re in the office or working remotely. Additionally, Wrike’s automation capabilities help streamline repetitive tasks, making workflows more efficient. Overall, Wrike can enhance workflow diagrams and drive productivity across the board. Conclusion Workflow diagrams are essential tools for effective process management, helping businesses streamline operations, reduce errors, and improve communication. Whichever diagram you choose, it’s important to select the right type for your needs and ensure that it accurately reflects the process you’re documenting. Empower your organization with intelligent workflow diagrams by harnessing the power of Wrike’s work management platform. Begin your free trial now and optimize workflows for elevated business performance. Try Wrike for free Note: This article was created with the assistance of an AI engine. It has been reviewed and revised by our team of experts to ensure accuracy and quality.

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15.2: Monthly budget and reflection assignment

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Complete personal budget in Google spreadsheets (example above)

• Monthly Budget. Authored by : Kelsey Smith. Located at : https://docs.google.com/spreadsheets/d/1NTvRdI0LHppatkHgt9TTTrzC1aW1IGQcZDHtEBvw8L8/edit#gid=0 . License : CC BY-SA: Attribution-ShareAlike

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Budget Planning and Control - Assignment Example

• Subject: Finance & Accounting
• Type: Assignment
• Level: College
• Pages: 2 (500 words)
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Extract of sample "Budget Planning and Control"

Budgeting of Budgeting Aims of Budget Preparation Nordstrom Ltd should prepare budget in order to identify and achieve the specific financial objectives of the company. Preparing budgets can help the company managers by providing them the planning tool that could assist in the implementation of future strategies. Nordstrom Ltd should also prepare budgets to keep the track of the performance of departmental managers and the responsibilities assigned to them. The company as a standard benchmark against which it can compare the actual results could use high-level budgets.

In case of any discrepancy, actual results can then be examined to identify the potential issues.Financial outcomes of effective budgetingBudgets are highly important in obtaining debts from the financial institutions. Banks and trade creditors usually examine the financial stability of the company to ensure that their debts are well secured by the assets of the company. Effective budgets reflect the plans and cash flows of the company that makes it easier for the creditors to decide whether or not to grant debts (Kemp, 2003).

Effective budgets assist the management in determining the costs with accuracy. If the company determines the costs and expenses in advance, it will help them in making pricing decisions and in implementing the cost control policy. Thus it is necessary to prepare effective budgets in order to establish strategies that are important in highly competitive markets.Budgeting Plan1. Nordstrom should decide on budget committee and the participants that should be involved in the budget setting process.

Participation of managers is essential to consider their point of view while establishing budgets.2. Obtaining data from departmental managers should identify 2. Resources and needs of each department.3. Income forecasts should be prepared while keeping in consideration the growth objectives.4. Establish the budgets for fixed expenses and variable costs. Variable cost will depend on the estimated future production targets.5. Determine the rate of gross profit and net profit margins that should be earned to achieve the goals of the company.6. Finalize the budget and put forward to the budget committee for final approval.7. Implement the budget and monitor the performance and actual results against the benchmarks.8. Review the performance on a timely basis and determine any variation in actual results about budget.

Investigate the problem and reasons behind the variation to resolve the matter on efficiently (Shapiro, 2008). Budget ManagementAn important aspect of budget management is employee participation. Managers of individual departments should be informed on regular basis about any updates and alterations made in the budgets. By getting regular updates, it will become easier for the managers to implement the budgets and changes on a timely basis. Another advantage of the employee participation is that it motivates the employees and create the sense of ownership among them (Donovan, 2005).

For long-term and effective implementation of budgets, it is necessary to keep track of resources to determine whether or not they are sufficient to fulfill future needs. In case of lack of resources or destruction of resources, budgets should be altered in such a way that they cover the crisis while also keeping in control the working capital and cash flows of the company.Action Plans to resolve Budget MisalignmentThe company needs to ensure that its strategic goals are aligned with the operational budgets.

For this purpose, the company needs to carry out variance analysis to compare the actual performance with its budget plan to identify shortcomings and / or good performance. If there is budget misalignment then the company must review it, identify problems, take steps to overcome them, and ensure that budgeted targets are achieved in the next period. Therefore, It will help Nordstrom in identification of problems in advance and may minimize the risk and its consequences. Furthermore, budgets for costs and expenses should be prepared separately for each head to identify the problems more easily.

ReferenceDonovan, S. (2005). Budgeting. Minneapolis: Lerner Publications.

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• How to write an executive summary, with ...

How to write an executive summary, with examples

The best way to do that is with an executive summary. If you’ve never written an executive summary, this article has all you need to know to plan, write, and share them with your team.

What is an executive summary?

An executive summary is an overview of a document. The length and scope of your executive summary will differ depending on the document it’s summarizing, but in general an executive summary can be anywhere from one to two pages long. In the document, you’ll want to share all of the information your readers and important stakeholders need to know.

Imagine it this way: if your high-level stakeholders were to only read your executive summary, would they have all of the information they need to succeed? If so, your summary has done its job.

You’ll often find executive summaries of:

Business cases

Project proposals

Research documents

Environmental studies

Market surveys

Project plans

In general, there are four parts to any executive summary:

Start with the problem or need the document is solving.

Outline the recommended solution.

Explain the solution’s value.

Wrap up with a conclusion about the importance of the work.

What is an executive summary in project management?

In project management, an executive summary is a way to bring clarity to cross-functional collaborators, team leadership, and project stakeholders . Think of it like a project’s “ elevator pitch ” for team members who don’t have the time or the need to dive into all of the project’s details.

The main difference between an executive summary in project management and a more traditional executive summary in a business plan is that the former should be created at the beginning of your project—whereas the latter should be created after you’ve written your business plan. For example, to write an executive summary of an environmental study, you would compile a report on the results and findings once your study was over. But for an executive summary in project management, you want to cover what the project is aiming to achieve and why those goals matter.

The same four parts apply to an executive summary in project management:

Start with the problem or need the project is solving.  Why is this project happening? What insight, customer feedback, product plan, or other need caused it to come to life?

Outline the recommended solution, or the project’s objectives.  How is the project going to solve the problem you established in the first part? What are the project goals and objectives?

Explain the solution’s value.  Once you’ve finished your project, what will happen? How will this improve and solve the problem you established in the first part?

Wrap up with a conclusion about the importance of the work.  This is another opportunity to reiterate why the problem is important, and why the project matters. It can also be helpful to reference your audience and how your solution will solve their problem. Finally, include any relevant next steps.

If you’ve never written an executive summary before, you might be curious about where it fits into other project management elements. Here’s how executive summaries stack up:

Executive summary vs. project plan

A  project plan  is a blueprint of the key elements your project will accomplish in order to hit your project goals and objectives. Project plans will include your goals, success metrics, stakeholders and roles, budget, milestones and deliverables, timeline and schedule, and communication plan .

An executive summary is a summary of the most important information in your project plan. Think of the absolutely crucial things your management team needs to know when they land in your project, before they even have a chance to look at the project plan—that’s your executive summary.

Executive summary vs. project overview

Project overviews and executive summaries often have similar elements—they both contain a summary of important project information. However, your project overview should be directly attached to your project. There should be a direct line of sight between your project and your project overview.

While you can include your executive summary in your project depending on what type of  project management tool  you use, it may also be a stand-alone document.

Executive summary vs. project objectives

Your executive summary should contain and expand upon your  project objectives  in the second part ( Outline the recommended solution, or the project’s objectives ). In addition to including your project objectives, your executive summary should also include why achieving your project objectives will add value, as well as provide details about how you’re going to get there.

The benefits of an executive summary

You may be asking: why should I write an executive summary for my project? Isn’t the project plan enough?

Well, like we mentioned earlier, not everyone has the time or need to dive into your project and see, from a glance, what the goals are and why they matter.  Work management tools  like Asana help you capture a lot of crucial information about a project, so you and your team have clarity on who’s doing what by when. Your executive summary is designed less for team members who are actively working on the project and more for stakeholders outside of the project who want quick insight and answers about why your project matters.

An effective executive summary gives stakeholders a big-picture view of the entire project and its important points—without requiring them to dive into all the details. Then, if they want more information, they can access the project plan or navigate through tasks in your work management tool.

How to write a great executive summary, with examples

Every executive summary has four parts. In order to write a great executive summary, follow this template. Then once you’ve written your executive summary, read it again to make sure it includes all of the key information your stakeholders need to know.

1. Start with the problem or need the project is solving

At the beginning of your executive summary, start by explaining why this document (and the project it represents) matter. Take some time to outline what the problem is, including any research or customer feedback you’ve gotten . Clarify how this problem is important and relevant to your customers, and why solving it matters.

For example, let’s imagine you work for a watch manufacturing company. Your project is to devise a simpler, cheaper watch that still appeals to luxury buyers while also targeting a new bracket of customers.

Example executive summary:

In recent customer feedback sessions, 52% of customers have expressed a need for a simpler and cheaper version of our product. In surveys of customers who have chosen competitor watches, price is mentioned 87% of the time. To best serve our existing customers, and to branch into new markets, we need to develop a series of watches that we can sell at an appropriate price point for this market.

2. Outline the recommended solution, or the project’s objectives

Now that you’ve outlined the problem, explain what your solution is. Unlike an abstract or outline, you should be  prescriptive  in your solution—that is to say, you should work to convince your readers that your solution is the right one. This is less of a brainstorming section and more of a place to support your recommended solution.

Because you’re creating your executive summary at the beginning of your project, it’s ok if you don’t have all of your deliverables and milestones mapped out. But this is your chance to describe, in broad strokes, what will happen during the project. If you need help formulating a high-level overview of your project’s main deliverables and timeline, consider creating a  project roadmap  before diving into your executive summary.

Continuing our example executive summary:

Our new watch series will begin at 20% cheaper than our current cheapest option, with the potential for 40%+ cheaper options depending on material and movement. In order to offer these prices, we will do the following:

Offer watches in new materials, including potentially silicone or wood

Use high-quality quartz movement instead of in-house automatic movement

Introduce customizable band options, with a focus on choice and flexibility over traditional luxury

Note that every watch will still be rigorously quality controlled in order to maintain the same world-class speed and precision of our current offerings.

3. Explain the solution’s value

At this point, you begin to get into more details about how your solution will impact and improve upon the problem you outlined in the beginning. What, if any, results do you expect? This is the section to include any relevant financial information, project risks, or potential benefits. You should also relate this project back to your company goals or  OKRs . How does this work map to your company objectives?

With new offerings that are between 20% and 40% cheaper than our current cheapest option, we expect to be able to break into the casual watch market, while still supporting our luxury brand. That will help us hit FY22’s Objective 3: Expanding the brand. These new offerings have the potential to bring in upwards of three million dollars in profits annually, which will help us hit FY22’s Objective 1: 7 million dollars in annual profit.

Early customer feedback sessions indicate that cheaper options will not impact the value or prestige of the luxury brand, though this is a risk that should be factored in during design. In order to mitigate that risk, the product marketing team will begin working on their go-to-market strategy six months before the launch.

4. Wrap up with a conclusion about the importance of the work

Now that you’ve shared all of this important information with executive stakeholders, this final section is your chance to guide their understanding of the impact and importance of this work on the organization. What, if anything, should they take away from your executive summary?

To round out our example executive summary:

Cheaper and varied offerings not only allow us to break into a new market—it will also expand our brand in a positive way. With the attention from these new offerings, plus the anticipated demand for cheaper watches, we expect to increase market share by 2% annually. For more information, read our  go-to-market strategy  and  customer feedback documentation .

Example of an executive summary

When you put it all together, this is what your executive summary might look like:

Common mistakes people make when writing executive summaries

You’re not going to become an executive summary-writing pro overnight, and that’s ok. As you get started, use the four-part template provided in this article as a guide. Then, as you continue to hone your executive summary writing skills, here are a few common pitfalls to avoid:

Avoid using jargon

Your executive summary is a document that anyone, from project contributors to executive stakeholders, should be able to read and understand. Remember that you’re much closer to the daily work and individual tasks than your stakeholders will be, so read your executive summary once over to make sure there’s no unnecessary jargon. Where you can, explain the jargon, or skip it all together.

Remember: this isn’t a full report

Your executive summary is just that—a summary. If you find yourself getting into the details of specific tasks, due dates, and attachments, try taking a step back and asking yourself if that information really belongs in your executive summary. Some details are important—you want your summary to be actionable and engaging. But keep in mind that the wealth of information in your project will be captured in your  work management tool , not your executive summary.

Make sure the summary can stand alone

You know this project inside and out, but your stakeholders won’t. Once you’ve written your executive summary, take a second look to make sure the summary can stand on its own. Is there any context your stakeholders need in order to understand the summary? If so, weave it into your executive summary, or consider linking out to it as additional information.

Always proofread

Your executive summary is a living document, and if you miss a typo you can always go back in and fix it. But it never hurts to proofread or send to a colleague for a fresh set of eyes.

In summary: an executive summary is a must-have

Executive summaries are a great way to get everyone up to date and on the same page about your project. If you have a lot of project stakeholders who need quick insight into what the project is solving and why it matters, an executive summary is the perfect way to give them the information they need.

For more tips about how to connect high-level strategy and plans to daily execution, read our article about strategic planning .

Related resources

Understanding dependencies in project management

How Asana uses work management to optimize resource planning

Unmanaged business goals don’t work. Here’s what does.

How Asana uses work management to drive product development

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Planning a home budget (Class 10 ICSE project)

July 7, 2021 by studymumbai Leave a Comment

Planning a home budget (Math project) for Class X students

What is a Budget?

A budget is a list of all planned expenses and revenues. It is a plan for savings and expenditures (spending). A budget is an important concept in microeconomics, which uses a budget to illustrate the trade-offs between two or more goods. In other words, a budget is a plan stated in monetary terms.

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In summary, the purpose of a budget is to “provide a forecast of revenues and expenditures that construct a model of how our business might perform financially if certain strategies, events and plans are carried out.

Common Types of Budget

• Sales budget: Estimate of future sales, often broken down into both units and dollars. It is used to create company sales goals.
• Production budget: Product oriented companies create a production budget which estimates the number of units that must be manufactured to meet the sales goals. The production budget also estimates the various costs involved with manufacturing those units, including about and material.
• Cash flow budget: The cash flow budget is a prediction of future cash receipts and expenditures during a particular time period, usually in the short term future. It helps a company determine if the income will be enough to cover expenses or the company will need financing.
• Marketing budget: the marketing budget is an estimate of funds needed for promotion, advertising and public relations in order to market the product or service.
• Project budget: the project budget is a prediction of the costs associated with a particular company project. These costs include labour, material and other relative expenses. The project budget is often broken down into specific tasks and budgets are assigned to each task.
• Revenue budget: It consists of receipts of government and the expenditures on these; it usually consists of taxes and other duties that the government levies.
• Expenditure budget: A budget type which includes all spending data items.

What is a Personal Budget

A personal budget is a finance plan that allocates future personal income towards expenses, savings and debt repayment. Past spending and personal debt are considered when creating a personal budget. There are several methods and tools available for creating, using and adjusting a personal budget.

Ask your parents how they prepare the monthly budget of your family, or else you prepare a budget for your family. Separately mention how much share of the budget is spent on your needs and for what purpose. Also separately show what are your expenses which can be curtailed down so as to reduce your share in the budget.

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‘The Blair Witch Project' Cast Ask Lionsgate For Retroactive Residuals and ‘Meaningful Consultation' on Future Projects

Heather Donahue, Joshua Leonard, and Michael Williams, the stars of the seminal horror film "The Blair Witch Project," released a public letter to Lionsgate on Saturday asking for more robust compensation for their work on the 1999 blockbuster, as well as "meaningful consultation" on any future "Blair Witch" projects that use their names or likenesses. 

The statement comes 10 days after Lionsgate and Blumhouse announced they plan to revive the franchise with a new movie that would provide, in the words of Lionsgate Motion Picture Group chair Adam Fogelson, "new vision for ‘Blair Witch' that will reintroduce this horror classic for a new generation."

That announcement sparked a strongly worded response via social media from Leonard, who said that no one had contacted him or his costars about the project in advance. "At this point, it's 25 years of disrespect from the folks who've pocketed the lion's share (pun intended) of the profits from OUR work, and that feels both icky and classless," Leonard wrote. 

Leonard said that the actors - who shot and improvised the independent movie over roughly a week on a shoestring budget, using their real names for their characters - each made $300,000 from a buyout of their ownership points on the film, which went on to gross $248 million worldwide. In 2002, the actors sued the film's distributor, Artisan Entertainment, for using their names and likenesses in the studio's 2000 sequel, "Book of Shadows: Blair Witch 2."

In their most recent statement, Leonard, Williams and Donahue (who now goes by Rei Hance) call on Lionsgate - which acquired Artisan in 2003, and inherited the rights to "Blair Witch" - to provide them with retroactive and future residual payments "equivalent to the sum that would've been allotted through SAG-AFTRA, had we had proper union or legal representation when the film was made." 

They also ask for "meaningful consultation on any future ‘Blair Witch' reboot, sequel, prequel, toy, game, ride, escape room, etc., in which one could reasonably assume that Heather, Michael & Josh's names and/or likenesses will be associated for promotional purposes in the public sphere."

Lionsgate first attempted to revive the franchise with the 2016 sequel "Blair Witch," which earned $45 million worldwide. The company also operates a Blair Witch-themed Escape room in Las Vegas.

Finally, the actors request Lionsgate create a $60,000 "Blair Witch Grant" that would be bestowed to "an unknown/aspiring genre filmmaker to assist in making their first feature film."

A spokesperson for Lionsgate had no comment.

Separately, "The Blair Witch Project" directors Eduardo Sanchez and Dan Myrick, producers Gregg Hale and Robin Cowie, and co-producer Michael Monello released a joint statement supporting the actors. 

"While we, the original filmmakers, respect Lionsgate's right to monetize the intellectual property as it sees fit, we must highlight the significant contributions of the original cast  - Heather Donahue, Joshua Leonard, and Mike Williams," they say in the statement. "As the literal faces of what has become a franchise, their likenesses, voices, and real names are inseparably tied to ‘The Blair Witch Project.' Their unique contributions not only defined the film's authenticity but continue to resonate with audiences around the world."

The full statements from the cast and the filmmakers are below.

OUR ASKS OF LIONSGATE (From Heather, Michael & Josh, stars of "The Blair Witch Project"):

1. Retroactive + future residual payments to Heather, Michael and Josh for acting services rendered in the original BWP, equivalent to the sum that would've been allotted through SAG-AFTRA, had we had proper union or legal representation when the film was made.

2. Meaningful consultation on any future Blair Witch reboot, sequel, prequel, toy, game, ride, escape room, etc…, in which one could reasonably assume that Heather, Michael & Josh's names and/or likenesses will be associated for promotional purposes in the public sphere.

Note: Our film has now been rebooted twice, both times were a disappointment from a fan/box office/critical perspective. Neither of these films were made with significant creative input from the original team. As the insiders who created the Blair Witch and have been listening to what fans love & want for 25 years, we're your single greatest, yet thus-far un-utilized secret-weapon!

3. "The Blair Witch Grant": A 60k grant (the budget of our original movie), paid out yearly by Lionsgate, to an unknown/aspiring genre filmmaker to assist in making theirfirst feature film. This is a GRANT, not a development fund, hence Lionsgate will not own any of the underlying rights to the project.

A PUBLIC STATEMENT FROM THE DIRECTORS & PRODUCERS OF "THE BLAIR WITCH PROJECT":

As we near the 25th anniversary of The Blair Witch Project, our pride in the storyworld we created and the film we produced is reaffirmed by the recent announcement of a reboot by horror icons Jason Blum and James Wan.

While we, the original filmmakers, respect Lionsgate's right to monetize the intellectual property as it sees fit, we must highlight the significant contributions of the original cast - Heather Donahue, Joshua Leonard, and Mike Williams. As the literal faces of what has become a franchise, their likenesses, voices, and real names are inseparably tied to The Blair Witch Project. Their unique contributions not only defined the film's authenticity but continue to resonate with audiences around the world.

We celebrate our film's legacy, and equally, we believe the actors deserve to be celebrated for their enduring association with the franchise.

Sincerely, Eduardo Sanchez, Dan Myrick, Gregg Hale, Robin Cowie, and Michael Monello

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