Good Practice: Define all costs in the form of a project budget. Your budget should include all external costs such as licences, third-party services, consultants, consumables, etc. This budget should be signed off by the steering committee or other authority to make sure enough funds are readily available.
A few basic rules will help make sure an accurate and realistic budget is produced:
Question 5: Have you defined a detailed project budget?
Question 8: Do you have experienced and effective user representation?