Project Budgeting Policy

1. Introduction

This policy outlines the procedures for budgeting projects in Lilac Infotech Pvt Ltd. It is intended to ensure that all projects are managed in a consistent and efficient manner, and that all stakeholders are aware of the budgeting process.

2. Scope

This policy applies to all software projects undertaken by the company, regardless of size or complexity.

3. Responsibilities

The Project Manager is responsible for creating and managing the project budget. The Project Manager will work with the stakeholders to determine the scope of the project and the associated costs.

The Finance Department is responsible for approving the project budget and ensuring that it is within the company’s financial guidelines.

4. Budgeting Process

The Project Manager will create a budget for the project based on the scope of work and estimated costs. The budget should include all costs associated with the project, including labor, materials, and overhead. The budget should also include any contingencies or allowances for unexpected costs.

The budget should be reviewed and approved by the Finance Department before it is finalized. Once the budget is approved, the Project Manager will be responsible for tracking and managing the budget throughout the project.

5. Monitoring and Reporting

The Project Manager will be responsible for monitoring the project budget on a regular basis. The Project Manager should report any changes or discrepancies to the Finance Department as soon as they are identified.

The Finance Department will also review the project budget on a regular basis to ensure that it is within the company’s financial guidelines.

6. Project Budgeting Policy

Lilac Infotech is committed to providing our clients with the highest quality of services and products. To ensure that our projects are completed on time and within budget, we have established a project budgeting policy.

1. All projects must have a budget approved by the project manager and the executive team before any work can begin.

2. The project manager is responsible for creating a detailed budget that includes all costs associated with the project, including labor, materials, and overhead.

3. The budget must be approved by the executive team before any work can begin.

4. The project manager is responsible for monitoring the budget throughout the project and ensuring that all costs are within the approved budget.

5. If additional funds are needed to complete the project, the project manager must submit a request to the executive team for approval.

6. If the project is over budget, the project manager must provide a detailed explanation of the reasons for the overage and a plan to bring the project back within budget.

7. The executive team will review the project budget on a regular basis to ensure that it is being managed effectively.

8. Any changes to the project budget must be approved by the executive team before they can be implemented.

9. All project costs must be documented and tracked in the company’s financial system.

10. The project manager is responsible for ensuring that all invoices are paid in a timely manner.

7. Conclusion

By following this policy, Lilac Infotech will ensure that all projects are completed on time and within budget. This will help us to provide our clients with the highest quality of services and products.