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Budgets are an important part of project management because as you can see “management” is a broad term and it encompasses various elements. One of the most important factors in project management is that the budgets have to be kept within limits. Its purpose is to monitor, control, evaluate and change if anything is wrong. Budgets are also to be controlled because finances are always finite and it is the responsibility of the one managing the project to keep them in control, projects are started off by carrying out financial analysis by calculating factors like internal rate of return. In case the finances are not in control and the budget goes out of hand then it may damage the profitability of the entire project.
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