Software Development Budget Template
Software Development Budget Template – You are here: Home / Project Planning Articles (Real World Project Management) / Project Budget Examples: Real Project Managers Explain
The first example of a project budget is for a small construction project. The template below works for most projects. However, you must adhere to one critical concept:
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This means that I use a special technique to divide work into tasks. Using the WBS concept and bottom-up estimates is a must if you want to create an accurate budget.
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Excel will help with small to medium sized projects. In addition, you can use one sheet for one result to make the budget more useful.
However, I am giving an example of the same project budget but in a project management application.
First, you can have a list of all project resources separately. You can then create a resource availability calendar, specify regular and overtime hours, and contact information.
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Project Schedule and Budget will automatically retrieve this information based on when you assign tasks to specific resources.
Just a side note: I used to call real people “sources” day in and day out. I will use your name or title. But when we talk about open positions in your project, it’s okay to call them resources.
All this means that you can safely transfer tasks without fear of forgetting public holidays or additional overtime costs.
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Let me show you an example of a software project budget. First, it’s important to understand that every industry and company has a different way of estimating and controlling costs.
In software development projects, project managers usually track team costs. This is because the biggest part of the cost is running.
Most companies use a version of a time and materials contract. We bill the project owner by the hour, day or week of actual work depending on the source. Sometimes clients agree to “advance payment” a month in advance.
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You can use it as a starting point, but you need to make some assumptions about your usage to make sure you don’t exceed your payment plan limits.
This example of project management is great, but you can’t recreate it just by looking at pictures. There are many considerations in every line here.
Before we dive into the practicalities of project budgeting, you need to know what:
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The project budget is a tool that calculates the total amount of funds approved for project implementation. It contains planned costs for all project activities, including salaries, materials, expenses, risk reserves, etc. The project budget is created based on the Activity List.
So it’s not just a number, it’s not the sum of all the costs that are planned. However, a project budget is a tool that helps you demonstrate all the resources you need to do the work you’ve set out to do.
Remember that preparing a project budget is not the first or even the second step in the project management process. Therefore, the instructions below assume that you have done your due diligence in all previous procedures.
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As you have seen from the example, you can use excel or special project management software to create a project budget.
If you don’t get a quote, here’s a list of costs you can consider:
If you want to get advice from the example above, I can show you. This is a good starting point.
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WBS is a tool that helps you break down project scope and identify it. It consists of a large chunk of the actual deliverables called the “product” and a small chunk called the “work package.” All of them have a unique identifier that clearly indicates their position in the hierarchy, called the “WBS Index”.
For smaller and smaller projects, it may be overkill. So you can easily list all the tasks you need. In any case, your goal is to identify 100% of the project scope (the work to be done).
Once we understand the scope of our project, we can determine what resources we need in terms of people, materials and tools.
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Then group similar tasks and create “roles” to perform those tasks. Then estimate the number of people needed to do this work. Also, consider whether you need a team leader.
At the end, you will get a list of roles or positions in your project. For example, ten carpenters, three masons and one designer, or three senior back-end software engineers.
As with human resources, you need to set an exact date for receiving materials, tools, and equipment.
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Provide a list of tasks (and the materials and tools needed for each) to the procurement team so they can plan accordingly. You need a long-term commitment from them to meet the needs of your project. These plans will be incorporated into your project plan and budget.
If the project owner pays the entire team during the project, you don’t need to estimate the hourly cost of the task. Including only the lump sum of team items in the budget. You may need to adjust based on when people actually join and leave the team, as I showed in the software development project budget example.
If you bill the project owner by the hour or the contractor does most of the work, you need to estimate the cost of each task. In most cases, this is the duration multiplied by the hourly rate of the person doing the work. We do this in the case of construction projects.
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In addition, you should estimate the cost of materials, equipment and other services required. In some cases, it is important to identify dependencies and task durations before estimating costs. For example, the price of materials and equipment can fluctuate. Also, it can be more difficult and expensive to hire people at certain times of the year.
This is a general consideration. In practice, cost control depends a lot on the industry, niche and specific company you are working with. If you are new to this environment, you should learn the details of cost management from your colleagues, accountants or management.
The next step is to think about other related costs, such as the cost of hiring people, travel, training, team building, etc. To make life easier later, link to related results as much as possible. Don’t let fees float. It will be difficult to prove that you need it in order to achieve the project goals.
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Remember that risk management is not free. In addition, it is part of the project. In all respects, it takes time and money to prevent or reduce risk.
All of your risk management activities should be specific tasks related to these outcomes. Or the source of risk must be reassigned to a task, work package or deliverable.
If you do not understand proper risk management, I recommend watching the video below. Otherwise, your project will be ruined.
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After several iterations of risk management activities, you will have a realistic budget. Then, once you get the thumbs up from the project owner, you get the base fee.
The starting point is only the final and approved version of your budget. It is set in stone and used as a reference point for the progress of your project. If you stray too far from your starting point, that’s a problem that needs to be addressed.
Without establishing a starting point, you will never be able to prove that you are moving in the right direction. And you’ll miss an opportunity to improve your project management approach.
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In modern project management software, you can set the starting point with one click. You can find this function in the manual.
There are a lot of preliminary processes that need to be done correctly. In addition, project budgets depend on risk management, accurate scheduling and stakeholder engagement.
How do you work together as a whole? You can learn the practical project management framework I use from my book:
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Most project managers have no formal education. Therefore, they need to search for articles and videos to complete the project. I know how stressful it is. And really, you don’t have to play trial and error when managing people.
You can continue to spend time collecting nuggets of project management wisdom, or you can get a book that comes from first-hand experience.
First, let’s remember the basic rule: the person who will do the work must participate in the evaluation process. Also, if you have a procurement manager, you should include them. Together, they should estimate the duration, effort and materials required, as well as other additional costs. In addition, they can provide information on obtaining related prices.
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If you don’t already have a project management team, you should look for SMEs that have expertise in similar projects. And if your company does not have such an expert, I recommend that you postpone the development of the scope and budget until you get such a person.
Then, of course, you need to notify your customers, because this poses a serious risk to their viability. You, as the project manager,
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