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Engineering Computer Science Information Technology Project Management

To explain what happens during the process to determine the project budget. The process to determine the project budget: • Determining the budget for the project includes allocating the cost estimates to the individual work items. • These items are based on activities in the work breakdown structure. • The inputs for determining the budget include project schedule, cost estimates, contracts, scope baseline and so on. • The main goal of this is measuring the project performance and project funding requirements. • A process is required for preparing budgets. Therefore, many organizations have well-established processes. • They require these budget estimates to include the headcount for each month. It results in estimating the compensation for every year. • The organizations also require the amount to be paid to suppliers for paying the labor, goods, travel, rent, expenses and so on. • Before making an estimate it is necessary to know the budget to see that the data is collected. • This information is required to know the cost of both project and non-project works. • It provides a cost baseline used by the project managers to measure the performance of the cost. • Estimating costs provides a foundation for cost control to the project managers. Now, this budgeting will lead to updates in the cost management plan. • This means that enough funds will be available to the starting of the project, but more funds will be required than are expected so in such situations the organization must make adjustments to avoid financial problems.

To explain what happens during the process to determine the project budget. The process to determine the project budget: • Determining the budget for the project includes allocating the cost estimates to the individual work items. • These items are based on activities in the work breakdown structure. • The inputs for determining the budget include project schedule, cost estimates, contracts, scope baseline and so on. • The main goal of this is measuring the project performance and project funding requirements. • A process is required for preparing budgets. Therefore, many organizations have well-established processes. • They require these budget estimates to include the headcount for each month. It results in estimating the compensation for every year. • The organizations also require the amount to be paid to suppliers for paying the labor, goods, travel, rent, expenses and so on. • Before making an estimate it is necessary to know the budget to see that the data is collected. • This information is required to know the cost of both project and non-project works. • It provides a cost baseline used by the project managers to measure the performance of the cost. • Estimating costs provides a foundation for cost control to the project managers. Now, this budgeting will lead to updates in the cost management plan. • This means that enough funds will be available to the starting of the project, but more funds will be required than are expected so in such situations the organization must make adjustments to avoid financial problems.

Information Technology Project Management

Information Technology Project Management

8th Edition

ISBN: 9781285452340

Author: Kathy Schwalbe

Publisher: Cengage Learning

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Chapter 7, Problem 4DQ

Chapter 7, Problem 6DQ

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Chapter 7 Solutions

Information Technology Project Management

Ch. 7 - Prob. 2DQ Ch. 7 - Prob. 4DQ Ch. 7 - Prob. 5DQ Ch. 7 - Prob. 6DQ Ch. 7 - What is project portfolio management? Can project...Ch. 7 - Prob. 5E

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