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Do you consider risk assessment before embarking on a project?
Budgets allow you to see CPI and SPI. If value is not being earned after spending on project, it is highly likely that project will go over schedule eventually reducing the gross profit. This would impact the ability of the vendor to complete the project and likely hood of failrure on the project will rise.
It is one of the control mechanism and goals that are set so that project do not veer off course for longer periods and effort is put to steer back closer to path that leads to goals.
Bad projects fail even before they start...Planning and budgeting helps to identify whether a project is vaible or not.These two processes will help determine the resources necessary for the project as well as give a road map for the whole project.That means without Budgeting its very easy to get a stalled project.Without planning,the project is likly to end in implementation problems.Cost overuns then follow pushing the total cost of the project out of budget.In the end.Results-Failed Project!
Planning the most crucial step for success. Proper planning will find the right answer for all issue related to budgeting, expected profit and anticipated implementation problems. Planners always say that failing to plan is planning to fail.
Planning tells answer of different WH questions and Budgeting tells at this much cost