WHAT IS THE BEST APPROACH FOR MANAGING BUDGET FOR PROJECT?

For Labor Estimate

General:

1. Are there any experienced professionals or consultants who can provide insights
and guidance for labor estimation?
2. What are the skill sets and expertise required for each task, and how many
workers with specific qualifications are needed?
3. What productivity factors (performance) should be considered, such as site
conditions, equipment availability, and potential delays?
4. How can the labor estimates be regularly updated and monitored throughout the
project's lifecycle?
5. Is there a contingency plan and budget in place to account for unforeseen
circumstances or changes in project requirements?

Specific:

1. How many labor hours are required for each task, and what is the estimated
duration for completion?
2. What is the labor rate or wage for each type of worker involved in the project?
3. How does the project schedule and timeline impact the labor costs, including
potential overtime or extended hours?
4. Have any allowances been made for breaks, rest periods, or non-productive time
that could impact labor costs?
5. Are there any additional costs associated with labor, such as benefits, insurance,
or payroll taxes?

For Equipment

General:
 1. Are there any transportation or delivery costs associated with acquiring or
moving the equipment to the project site?
2. Can any equipment be rented or leased instead of purchasing it outright?
3. Are there any specialized equipment operators or training requirements?
4. How will the equipment be monitored and tracked to ensure efficient utilization
and prevent theft or loss? (optional)
5. How will the equipment costs be allocated across different phases or activities of
the project?
6. Are there any contingency plans or reserves in place for unexpected equipment
failures or replacement needs?

Specific:

1. Should the equipment be purchased, rented, or leased? What are the cost
implications of each option?
2. Are there any ongoing costs for maintenance, repairs, or servicing of the
equipment?
3. Are there any training requirements for operating the equipment? What are the
associated costs? (Optional on support questions)
4. What are the backup plans or contingencies in case of equipment breakdown or
unavailability?
5. How will the equipment be tracked, monitored, and accounted for during the
project?