BUDGET PLANNING TEMPLATE FULL
BUDGET PLANNING TEMPLATE SOFTWARE

One option for calculating contingency is to simply add a percentage to the total costs, based on your best estimate.

Typically, contingency (for project risk) can range from 5% of costs for a small quick project, to 30% or more for a large, complex or long project. The total project budget is the sum of the itemised estimated costs plus contingency for project risk. State your budget assumptions – so if these change, the budget can easily be revised.

BUDGET PLANNING TEMPLATE SOFTWARE

Review other software projects / staff performance to get an idea of how long people take to complete specific tasks. Ensure daily or hourly labour rates include: salary + benefits + pension contribution + social security costs ie the total labour costs. Later on, more accuracy may be achieved by working in hours and an hourly rate. Initially labour costs can be estimated as the number of days multiplied by their estimated day rate. For purchases, include shipping and sales taxes / VAT if unable to reclaim them. If including allocated costs, do so, on a consistent and agreed basis.

BUDGET PLANNING TEMPLATE FULL

Or whether you are working on a full costing basis (ie including the project’s share of allocated costs incurred within the organisation). Determine if you are working on an incremental cost basis (ie only including new or additional costs for your organisation). Identify and itemise all project costs 7. But keep a list of excluded items, so they may be included or budgeted for at a later stage, if required.

Determine what you are including within your project budget. But even after approval, unforeseen events and project changes can force a budget to be revised or re-forecast. Treat the budget calculations as ongoing ‘work-in-progress’ and continually refine and revise, until the budget is approved / finalised. Remember, your first calculation of the budget is just that – your best estimates and (educated) guesses at the time. So arrange for contributions from the project manager, project leader, information systems manager, key users, steering group members, vendors (for software quotes) and procurement. Ideally there should be input from a number of people associated with the software project. Is one person to be in overall charge of calculating the project budget? Or will various sections of the budget be allocated to team members to complete and then be consolidated together? 3.

Determine your software project budget process eg o the steps required to gather the information o the time scales for your budget process and key dates o the deliverable(s) required o who is involved and what resources are available o the formal review stages o the number of project budget iterations and re-workings o how budgetary disagreements should be resolved 2.

Budget planning template