The managerial positions are key positions in an organization and are normally offered to those skilled and capable individuals who have had experience of similar field in past. Managers are responsible for estimating resource allocation for projects. Estimation of resources required for a project is another responsibility of the managerial staff. Resources include the raw material and the human resources required for completion of a task or project. A managerial process highlights the fact that resources are to be allocated in a most efficient manner so that there are no losses incurred, furthermore right amount of resources should be allocated so that they can be consumed at the right time. In terms of managerial processes and project management, the most suitable step for a manager is to divide the project into sub projects and start estimating the resources required for each sub-project. Because of this measure the manager would be able to request right amount of resources and would be sure about estimating the right figure regarding the cost to be incurred (Schwindt, 2005).
Budgeting is the financial planning done by managers as a part of managerial process to highlight various expenses that will be incurred in order to meet the desired objectives and the goals of the project. Budgeting is one of the most important factors in project management and is the key concern of the investor who is investing money on a project. As budgeting is a task of strategic importance hence it comes under managerial processes being carried out in an organization. For this purpose, project managers coordinate with the finance department to inform them about the expenses to be incurred in various different tasks and that budget is then finally drafted and presented to the investors and the body responsible for financing on the particular project. Budgeting is normally carried out by the finance department of the organization but it’s the responsibility of the project managers to approve or reject the amount allocated by finance department for a certain task (Callahan et al, 2007).
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