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Project Management for Engineers Unit 7: Setting a Budget

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1 Hour
Unit overview

You don’t have to be an accountant to set a project’s budget. However, it does help to get advice from a finance person and to have your budget reviewed by them. Most of the time, budgeting is focussed on answering the question: what will it cost to satisfy these requirements? Some of the time, the question is: this is how much money is available, which of these requirements can you satisfy for that amount? This unit looks at how to how to define and agree a budget for a project.

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Level Professional
Partner Details

Steve Browne is a highly experienced project management practitioner and a very popular trainer on the subject. He has managed projects both large and small, including the delivery of multi-million-pound projects and programmes involving more than one country.

Steve has delivered project management training to a wide range of audiences, technical and non-technical, including 10 Downing Street, as well as public, private and VCSE sector organisations across the country.

He is a member of the Association for Project Management (APM) in the UK and of the Project Management Institute (PMI) in the USA. He holds qualifications from both the APM and PMI as well as being a qualified practitioner and accredited trainer for PRINCE2, Agile Project Management, Change Management and Better Business Cases. He also holds qualifications in Benefits Management and the agile method Scrum.

Type Unit
What you will learn
By the end of this unit, you will be able to:

• Create a cost estimate.
• Align your budget with your schedule.
• Forecast cashflow.
• Distinguish between contingency and management reserves.
• Calculate appropriate contingency reserves.
Who should learn
Engineers, Line managers, Anyone responsible for leading a project (many managers have to manage projects of one sort or another, regardless of whether they would regard themselves specifically as project managers).