During our final major projects, there will be unavoidable expenses which we must make sure are planned for so that the costs can be covered. Today we were given the task to budget our own projects.

We filled out this table with the prices that we are looking to spend for each aspect. Where the costs are yet unknown, we estimated these as accurately as possible. We then calculated the combined budget and rounded the figure to the nearest pound, mine came to £65. I am happy with spending this amount, I believe that it is fair. Once my table was filled, I put the data into Google spreadsheet and created a pie chart to show my budget.

I found that creating a pie chart is a really good way to show relative sizes: it is easy to see where I am going to be spending money. I chose for my pie chart to include percentages, for example, I now know that I will be spending 15% of my budget on makeup, 46% on prints, and 39% on props. Due to shooting my project in the college lighting studio and using college equipment, I do not need to spend money on travel, food, location, or equipment.

We then shared our information with each other and compared prices to find the mean average, the median, and the range of our class as a whole.

To calculate the mean average you must add up each number then divide. is by how many there are. The total cost of everyone’s budgets came to £1323.99. There are 17 of us altogether, so, £1323.99 / 17 = £77.88. I have found that the average cost of everyone’s budget is only £12.88 more than mine. This reinforces that the amount I am hoping to spend is fair.

We next worked out the median of everyone’s price budget which was £70. We also worked out that the range price, the difference between the highest and lowest, was £120. This was a fairly high range which proves that everyone is spending a various amount on their projects. This is because everyone’s project is different and everyone wants to achieve different things. For example, a student shooting with film will be spending more than a student shooting with digital.