Warning: exceeded maximum budget | angular build error | waring angular build

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WARNING in budgets, maximum exceeded for initial
When building my Angular 7 project with --prod, I receive a warning in budgets.
Warning: exceeded maximum budget. Budget 2.00 kB was not met by 1.57 kB with a total of 3.57 kB.

Warning: exceeded maximum budget. Budget 2.00 kB was not met by 431 bytes with a total of 2.42 kB.
I have an Angular 7 project. I am trying to build it, but I keep getting the following warning:
What does budgets mean?
A performance budget is a group of limits to certain values that affect site performance, that may not be exceeded in the design and development of any web project.
WARNING in budgets, maximum exceeded for initial Angular error fix
Fixing Angular WARNING in budgets, maximum exceeded for initial error
If your Angular Application bundle size exceed certain limit, you might get WARNING in budgets, maximum exceeded for initial error.

As Angular applications grow in functionality, they also grow in size.

Angular CLI gives us the ability to set size thresholds in the configuration file i.e., angular.json file, so that our application size stay within the defined boundaries.

We can define your size boundaries in the CLI configuration file, angular.json, in a budgets section for each configured environment. i.e., production,stage and development environments etc..
While deploying my Angular application in production, I build the project with the command --prod.

ng build --prod
And I got an error message:

Error: budgets: initial exceeded maximum budget.
Budget Budget 2 MB was exceeded by 1.77 MB.
Solution

We can describe our Angular application as a set of compiled JavaScript files called bundles which are generated by the build process. Angular budgets allow us to configure the expected sizes of these bundles. We can configure thresholds for conditions when we want to notify as a warning or fail to build with an error if the bundle size gets exceeded that limit.
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Error: budgets: initial exceeded maximum budget. Budget 1.00 MB was not met by x kB with a total of x MB.
I got this error on a Angular 10 project. A performance budget is a group of limits to certain values that affect site performance, that may not be exceeded in the design and development of any web project.