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Project budget management plan template3/29/2024 Transfer the tasks over once done to set your baseline project budget. Work Breakdown Structure – Use a WBS to establish what tasks (and how long they will take) for each client project.Here are a few scenarios in which you can put this template to good use. Once you’ve completed the project and tracked time against all tasks, the total project cost and profit will be displayed at the template’s bottom (and top). Note: The task dropdown inside the ‘Tracker’ tab automatically pulls in the tasks you entered in the ‘Budget’ tab. This will automatically update the ‘Actual hours’ and ‘Actual cost’ columns in the ‘Budget’ tab within the template. Once you’ve done this, you can start tracking time for each project task via the ‘Tracker’ tab inside the project budget template.Įnter it here whenever you or your team spend time on a specific project task. This will then calculate their estimated cost based on the hourly rate you enter. Note: this template works best if you follow the project estimation process in our project cost estimating post. The first step is to enter the project tasks and their estimates inside the ‘Budget’ tab. How to track a project budget with this template The cell on the right-hand side will show you how the project is making or costing you as you track hours against each task. The total for all columns will be displayed at the bottom of the spreadsheet. The profitability for each task will be automatically calculated based on actual hours minus estimated hours. The estimated cost will be automatically calculated based on the hourly rate you enter.Īctual hours and costs are automatically generated once you start tracking time on the project. Estimates and actualsĮstimated hours are based on the hours you and your team estimated for each task when you scoped the project out. This will then update the progress bar in green above. The status of each task can be updated as the project progresses. This will help to know who is accountable for each task. How to Create a Work Breakdown Structure in 6 Steps Assigned to and statusĪssign each task an owner if need be.
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