Explanation

Answer Example

I would start by identifying the project's objectives and scope, consulting with stakeholders to gather cost estimates for resources, labor, and materials. Next, I’d break the budget into categories and use historical data or benchmarks for accuracy. I’d also include a contingency buffer to account for unforeseen expenses. For example, while budgeting for a marketing campaign during my internship, I allocated 10% of the budget as a contingency, which helped us stay on track despite unexpected vendor costs.