Is it possible to set a pre-determined amount of time to a project? Then, be alerted if the project OR taks runs over the allocated budget?

Is it possible to set a pre-determined amount of time to a project? Then, be alerted if the project OR taks runs over the allocated budget?

I know you can set times when using dates etc. However, out projects don't really work that strictly (if they should is another story entirely...).

What we need to be able to do it create a Project, then create a task and say for this task you are allocated four hours. Then once the task is being worked on or completed I can see how long it took?

Is this possible?

thanks