A project budget may be defined as a plan for resource allocation throughout the project life cycle. When developing a budget, there are many factors that the project team must take into consideration. Based on what you’ve read so far, your experience in project costing and budgeting, and any other resources you care to utilize, discuss the following questions.

What are the characteristics of a successful project budget?
What are some internal and external factors that must be taken into consideration when developing a project budget? Explain how each would affect the project budget.
Provide adequate support for your postings and properly cite your sources.

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