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BUDGET PROPOSAL

Goal

A proposal of the project budget provides transparency in the project process. The project budget describes the financial and personnel framework needed for the realization of a project. Its creation helps the project manager to determine the maximum amount of money, labor costs and resources the project team will need for the given project. The goal is to complete the project within the prescribed budget. 

In the process model «Nestor» the budget is always created for the next project phase only. Dividing the project into smaller fractions makes it easier to estimate and allocate resources. It also ensures that after each completed phase, a cost breakdown is made again and an exchange with the client takes place. This allows for transparent communication and trust throughout the entire project process. 

As soon as both parties can imagine a future collaboration after the first meeting, an offer for the first phase «Vision + Scope» will be prepared. Despite the fact that both parties can imagine a collaboration, it does not mean that the collaboration is already established. It is therefore important that the offer is right for both parties. 
As soon as more is known about the scope of the assignment, a first draft of the project budget is prepared. Possible staffing for the potential project is considered. Attention is paid not only to the right skills of the people, but also to how the individual team members will later harmonize with each other. 

Once a first draft is finalized, it is recommended to have the budget proposal reviewed by another team.

NEXT STEP

As soon as the budget proposal is reviewed and finalized it will be send to the client. It may be possible that the client still wants to make some adjustments. Such customization suggestions are best discussed during a personal meeting. Once both parties are satisfied with the offer and it has been signed, the next phase of the project can be started. 

Share your experience with me

Since project «Nestor» is an ongoing process there are still many things that need improvement. Every feedback on the content, layout, or display of the information is useful. Questions of comprehension are also welcome or share your experience with me. Every constructive feedback helps me to make my practical master project better.

 

Your help and experience matters.

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