Budget Management

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Explain and critically analyze the budget that you prepared for the exercise For this exercise, estimates, budget, conditions, conditions forecast were the things to be kept in mind. From the conditions that were specified: 1) Weather-the cost can go high if the weather conditions get worse 2) Labor market-the cost can go high or low depending on the availability 3) Stakeholders cooperation-depending on them, the cost can also go high or we can even save money 4) Reliability of materials-

Depending whether it is on time or not, the cost may get high or low 5) Complexity- with more complexity, comes more cost 6) Client attitude-Depending on the attitude of the client, the cost may vary. For example, if he is more concerned and asks for frequent meetings or he prefers to save money instead.

What were for you the key lessons that you learned from budgeting simulations? We should always keep the real world scenario in mind along with the conditions forecast. 1) For the weather, if it is forecasted that it would not be good, than instead of keeping it completely uncertain, we should check which season we are working in to get an actual scenario 2) For the labor estimation, initially if it is forecasted to be good does not necessarily mean it will remain the same throughout 3) Client concerns also depend on conditions which should be kept in mind Thus, overall, we should consider each and every parameter important in estimating the budget

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