Budget session has started and everyone is eager to know about Railway and Union budget. Budget is a pet subject with every industry.
In Project management budget is considered as cost baseline or a reference to measure cost variance. As a good practice always use WBS to prepare your budget. Decide the budget at WBS or work categories level and then aggregate it upwards to decide the final project budget. Do not forget to keep some part of the budget to handle exigencies. Monitoring the budget can help you control cost overrun.