Unformatted text preview: ople, that you have for your
project may affect your time needs as well. If you have two well-qualified people on your team, they may
be able to do the same work as four un-qualified people. So consider being willing to pay a higher price
for support if it will save time in the long run. On the other hand, if you aren’t concerned about the amount
of time it takes to get the project done, you could hire cheaper, unqualified help. Of course, this poses a
risk to the quality outcome as well.
As you write your project budget, you will also need to identify your assumptions. These are the ideas and
concepts that you have taken for granted when you have been developing the budget. Making a wrong
assumption can lead to an inaccurate budget. For example, if the Widget 2000 is your main product, your
assumptions might include that the organization intends to maintain the product line throughout the life of
the budget. To determine some of your assumptions, you might need to ask yourself questions such as: What have I assumed will change? What have I assumed will stay the same? What agreement from other parties have I assumed that I have? What suppliers, vendors, consultants, or other outside support have I assumed will be available
and affordable? What time have I assumed would be available from the staff that I need? What exceptions to existing processes, rules, or procedures have I assumed would be made for
this project or the process of implementing it? Download free ebooks at bookboon.com
51 References Managing Budgets 9. References
AllYouNeedToKnowGuides.com. All You Need to Know about Commercial Awareness.
Bellis, Mary. What Are the Elements of a Marketing Plan?
Dummies.com. Deciding between Cash Basis and Accrual Accounting.
Investorwords.com. Various definitions.
ManagementHelp.org. Basic Guide to Financial Management in For-Profits
McIntosh, M.H. How to Determine Your Marketing Budget and Get It Approved.
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