What is waterfall budgeting and how does it work?
An example of an AI chatbot conversation about waterfall budgeting techniques.
What is waterfall budgeting and how does it work?
Waterfall budgeting is a method where funds are allocated in a sequential manner, ensuring that each phase of a project is funded before moving to the next. It helps in managing resources effectively.
Can you give me an example of how it works in a project?
Sure! In a software development project, the budget for the planning phase is allocated first. Once that phase is completed and approved, the budget for the design phase is released, and so on.
What are the advantages of using waterfall budgeting?
The main advantages include clear project phases, better resource management, and reduced risk of overspending since each phase is funded based on completion.
Are there any drawbacks to this budgeting method?
Yes, some drawbacks include inflexibility to changes and potential delays if one phase takes longer than expected, which can impact the overall budget.
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