THE ROLE OF BUDGETING IN PROJECT MANAGEMENT
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THE ROLE OF BUDGETING IN PROJECT MANAGEMENT
The objectives of this research are to: (1) investigate the role of budgeting in project management, (2) identify the key benefits of effective project budgeting, and (3) assess the impact of budgeting on project success. A survey design was chosen to gather insights from project managers and financial analysts. Using Taro Yamane's formula, a sample size of 378 participants from construction firms in Port Harcourt was determined, ensuring comprehensive insights. The construction sector was chosen for its extensive project management needs and potential for budgeting impact. The reliability coefficient score of the survey was 0.87. Findings indicate that effective budgeting is crucial in project management, aiding in resource allocation, cost control, and ensuring project success. Recommendations include integrating budgeting processes with project management cycles, providing training on effective project budgeting techniques, and continuously monitoring and adjusting project budgets to ensure alignment with project goals.
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