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Project Management vocabulary · Budget & Cost

Budget

Meaning in project management, with examples

/ˈbʌdʒɪt/nounCore term

In project management, budget means: The total amount of money approved for a project, usually broken down into costs such as staff, equipment, suppliers and a reserve for surprises.

In Turkish: bütçe

How it is used

You prepare, approve, allocate, track and stay within a budget. Projects can be on budget, over budget or under budget. It is also a verb: to budget for something means to plan money for it.

Example sentences

  1. The board approved a budget of 2.4 million lira for the warehouse project.

  2. We didn't budget for extra licences, so this needs approval from the sponsor.

Common collocations

  • approve the budget
  • stay within budget
  • budget for
  • project budget
  • budget cut
  • over budgetCosting more than the amount of money that was planned and approved.
  • cost overrunThe amount by which the actual cost of a project or task is higher than its approved budget.
  • contingencyExtra money or time added to a project plan to cover known risks and unexpected problems.
  • forecastA prediction of how much a project will cost in the end or when it will finish, based on progress and spending so far.

This word in other fields

The same English word can have a different meaning in another field:

More terms: Budget & Cost

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