Project Planning : Parallel With Development Of Schedule Essay

714 Words3 Pages
Budgeting in project planning is parallel with development of schedule. Budgeting can be determined as costs of defined activities, at the initial stages of project planning. The process of budgeting is highly dependent on length of the tasks, number of associates assigned for that and resources assigned to the project. Initially budget estimation will be on the organization available funds. Later, with the internal and external parameters, budget size may increase or decrease depending on the project activities. Till actual costs are measured and compared with the actions, budgeting serves as control mechanism for the planning. For executive parameters, budget fairly set parameters. When project starts and all objectives are put into action, the scope, budget or schedule needs adjusting.
Phase 5: Forecast
The most important job of project managers is to choose which project they must take based on project potential and ongoing projects, (Gregory Hamel, September 2008). Project forecasting is a procedure, where project managers take decision about future performance, which can help organization whether to take up a new project or continue with the existing one. As forecast name, itself say, predicting the future of the project performance. In business, project forecasting often involves analysis of data and performance of organization history. In project forecasting methods, trend analysis, break-even analysis and cost analysis are considered as most accurate. Trend

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