Most sponsors look for the incorporation of an evaluation component in the project. Having this plan leads to a more effective project operation and better results. Evaluations should be both formative and summative. The budget is a key element to any proposal, for it outlines your project in fiscal terms. Accurate estimates of your costs are important.
Reviewers know the costs of the projects they review.
Estimates that are either too high or too low may cause them to question your familiarity with these costs and your credibility as a project administrator. Determine your costs . Think through your project from beginning to end, and note anything that will cost money. This process not only will provide you with a comprehensive list of costs, it will cause you to review your methodology and perhaps see ways to improve it. Be sure to list all project cost items, even those provided by other sources or in-kind.