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The benefits of an effective budget

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1. When an effective budget has been created it is a powerful tool for the manager to use during the project implementation.

2. The budget’s creation has already been used to:

a) Plan all activities

b) Ensure all activities are necessary

c) Cost each activity

3. In addition, during the project’s implementation, the budget provides a basis for the manager to evaluate activities and staff performance.

4. The budget also operates to foster coordination between activities and cooperation between staff. The budget is also a tool that can be used to create awareness of business costs.

5. The budget provides a vehicle whereby the organization can satisfy its contractual requirements.

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