Cost budgeting


You are here: InLoox Project management glossary Cost budgeting

Projection of project costs

Cost budgeting is a tool to estimate the costs or necessary efforts for projects, work packages or activities in project management. Cost budgeting includes the estimation of costs, setting a fixed budget, and managing and controlling the actual costs (compared to the estimated ones). The costs then have to be allocated to the activities or work packages in a project. A carefully implemented schedule and resource plan enables a more precise cost budgeting. Changes to the cost plan should be made in the following cases:

  • there are scope changes
  • a new cost budget is more realistic
  • if the planned costs are not sufficient for a particular task

InLoox - Transform your task chaos into streamlined projects

Would you like to receive regular info on project management topics?


Project Management Newsletter

Please enter your name.

Read more about project management on our blog


To the InLoox Blog

Our project management software InLoox helps you to make a success of your project the fast, easy and secure way


Learn more

Other terms