Advancing Personal Finance Management: Design and Implementation of an IEEE Budget Application

Abstract

A project budget is the entire amount of money allotted for the project's specified objective over a given time span. The purpose of cost management is to keep project expenditures within the specified budget while meeting project objectives. Our definition of a successful project is one that satisfies four success criteria: the project's scope is completed on time, within budget, and fulfils the high standards of the donor and recipients once accomplished. To be genuinely effective, project managers must focus on satisfying all those requirements. In truth, most project managers focus their efforts on finishing the project on time. This chapter focuses on monitoring and controlling the project budget throughout the project life cycle, while also connecting budget management to the other success criteria. Budget management involves a set of actions and stages meant to assist control the project's expenses. The steps are as follows: Defining the budget, executing the budget, controlling the budget, and updating the budget.