What does the project budget encompass?

The project budget encompasses all costs associated with the project, which includes a comprehensive view of financial requirements necessary to successfully plan, execute, and complete a project. This includes not only contractor fees but also materials and labor costs, design costs, permits, equipment, overhead, contingency funds, and any other expenses that may arise during the project lifecycle. By considering all aspects of costs, project managers can ensure that they have a realistic financial framework that enables effective resource allocation and monitoring throughout the project's duration. This comprehensive approach is crucial for staying within budget and achieving the project's objectives.