A Guide to Budgeting with Agile Projects

Agile project management is a very involved process. While it is designed to improve project management in numerous ways — and by most accounts does just that — it still involves large teams, a variety of tasks, and a degree of flexibility that other methods don’t account for. If you’re not familiar with the ins and outs, our comprehensive guide to agile can serve as a nice introduction.

But basically, it’s a project management process designed to foster collaboration with stakeholders, on-the-go adjustments, and rapid prototype delivery, all in the name of achieving a perfected final product.

Generally speaking, agile project management is viewed as a very effective modern method.

The emphasis on collaboration and adaptability make it the preference of many development teams and clients alike, and the end products often come closer to meeting expectations than those developed via other project processes.

As important as the process itself may be though, it’s also vital for any team beginning an agile project to develop a sound budget before getting started.

This doesn’t just mean coming up with a single overarching amount that can be spent on the entire project, either.

While such a number can offer some vague guidance, the benefits of making a budget can go far deeper.

A sound budget can help a team to gain insight into spending, prioritize expenses, and ultimately, reach goals.

These in fact are among the benefits sometimes described to individuals forming budgets for their own personal finance decisions — but they apply quite clearly to project management as well.

By creating as thorough and detailed a budget as possible, a team can better recognize priorities, and work more effectively toward an end goal.

But how, specifically, should you budget if you’re undergoing an agile project?

The answer to this question will always depend somewhat on what any given project entails.

However, there are some more general tips that can help you to budget effectively for a project of this nature.

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