Budgets are the financial blueprint of how the project goals will be executed. As such, budgets are opportunities to demonstrate the intentional use of funds to individual tasks. Remember that external sponsors are truly investing in the ultimate successful outcome of the project. The budget and budget justification are the chance to demonstrate the intentional use of the sponsor’s investment in a thoughtful, effective, and efficient way. The budget can also greatly add to the sponsor’s understanding of your project.
Project Management Office (PMO) staff will meet with the project team to discuss the details of the project, assessing the scope, deliverables, and resources to customize a budget that is detailed, realistic, and comprehensive. To ensure all applicable components have been accounted for, the PMO staff will:
- Consult the sponsor guidelines for specific directives on budget preparation.
- Construct a finalized internal budget template for department and Office of Sponsored Programs’ (OSP) review.
- Prepare a budget justification outline that aligns with the budget categories.
