Budget Management
Budget management is a systematic process of planning, tracking, and controlling financial resources to ensure projects or operations stay within allocated funds. It involves creating detailed budgets, monitoring expenses, forecasting costs, and making adjustments to prevent overspending. This skill is crucial for delivering projects on time and within financial constraints, often using tools like spreadsheets, accounting software, or specialized project management platforms.
Developers should learn budget management to effectively handle project resources, especially in roles like technical lead, project manager, or when working in startups where financial oversight is critical. It's essential for scenarios such as managing cloud infrastructure costs, allocating development team hours, or controlling software licensing expenses to avoid budget overruns and ensure project viability.