When we have a good idea for a research or technical project and want to get approval for the money and time it will take to get the project done, we need to present a project proposal. The project proposal must reflect the background and should be logically set out. It is not enough to write a letter stating the request. We have to demonstrate the need and prove that the project is worthy of funding. In addition to specifying the needed allocation of resources to complete the project, proposals must have a budget section. "The proposal budget is a written description of the project in terms of its costs". (www.du.edu)The budget of a proposed project serves as a blueprint for spending the project's funds. "Proposals must include a budget, a detailed breakdown of the financial support requested from the sponsoring agency. The budget should reflect the best estimate of the costs requested to conduct the work outlined in other sections of the proposal".
(www.berkeley.com) If the project is well thought out, the budget will reflect the methodology described within the proposal. Most reviewers will be able to determine if sufficient funds are being requested to successfully complete and project, and that those costs are reasonable given the scope of work. While the degree of specificity of any budget will vary upon the nature of the project and the requirements of the funding source, a complete, well thought out budget increases the likelihood of the proposal being funded. The proposed budget must give an accurate assessment of all cost items and cost amounts. A well prepared budget should be reasonable and demonstrate that the funds being asked for will be used wisely.
There are several elements that can be proposed in a budget proposal; itemized budget, non-itemized budget, fixed budget,