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Budgets are determined at a very early stage
in the production process and are built in different ways depending
on the type of project. Drama is at least twice as expensive per
hour to produce as documentary and in the new media environment
there are different considerations to take into account when building
your budget. Although there are many varying factors, your budget
must cover your production costs and produce a profit margin.
In the new media environment it is common for
the commissioning client to set a budget for companies to work within,
but if you are constructing your own budget it is essential that
everyone involved agrees that the figure would be workable. Any
differences arising should be dealt with before the project begins
to avoid problems later on.
There are a number of initial factors to consider before you can
begin to build the budget for any project and these can be broadly
divided into three categories: pre-production, production and post-production.
An example of a pre-production consideration would be to decide
what format to work or shoot on and this can impact greatly on the
costing of the project. Advantages and disadvantages should be weighed
up in all areas for best cost efficiency.
The more accurate financial information you can gather about a
project, the more accurate your budget and schedule will be.
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