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Effective budget management in IT projects relies on precise cost estimation, smart resource allocation, and rigorous financial tracking. Identifying potential financial risks early, reserving contingencies, and maintaining transparent, consistent communication with all stakeholders are crucial. This strategic approach not only keeps projects within budget and on schedule but also ensures adjustments are timely and stakeholders are well-informed, enhancing overall project success and stakeholder satisfaction. Read Parameters for Budget Management in Software Development For More Information h