TAILIEUCHUNG - Lecture Project management in practice (Fifth Edition) – Chapter 4: Budgeting the project

The following will be discussed in this chapter: Methods of budgeting, cost estimating, improving cost estimates, budget uncertainty and project risk management, project risk simulation with crystal ball. | Chapter 4 Budgeting the Project Introduction A budget must be developed in order to obtain the needed resources A budget is a plan for allocating organizational resources to the project activities A budget ties the project to the organization’s aims and objectives through organizational policy A budget acts as a tool for upper management to monitor and guide the project Methods of Budgeting Budgeting is forecasting what resources the project will require, what quantities of each will be needed, when they will be needed, and how much they will cost Most businesses employ experienced estimators who can forecast resource usage very well Budgeting a project is more difficult than budgeting more routine activities Budgeting Problems Project are unique activities No history to aid estimators Projects may be multi-year with cost escalations Changes in technology, materials, prices Organization tradition impacts project budgeting How overhead and indirect costs are charged Specific legal .

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• Project management
• Project management in practice
• Budgeting the project
• Cost estimating
• Improving cost estimates
• Project risk management
• Information technology project management
• Information technology project
• Project portfolio management
• Project management profession
• Project management framework
• Project management context
• Project life cycle
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• Lecture Project management in practice
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• Project manager
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• Project scope management processes
• Project Time Management
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• Project Quality Management
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• Enterprise project management
• Project authorization
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• Cost management
• Cost management plan
• Project plan
• Integration change control
• Project management principles
• Project management definition
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• Project stakeholder definition
• Project life cycle definition
• Project Management in Practice Dr Neil Project management
• Project organisational structures
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• Project management office
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• Time constrained project
• Project schedule
• Extended network techniques
• Managerial process
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• Project Governance
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• Project management statistics
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• Project Analysis
• project costs
• project investment
• project evaluation
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• Risk management planning
• Qualitative risk analysis
• Managing project teams
• Human resource management plan
• Project procurement management
• Procurement management plan
• Outsourcing project work
• Quality management planning
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• Project Cash Flows
• Project Appraisal
• Essential Formulae
• Project Analysis Under Certainty
• Evaluating the project
• Terminating the project
• Project auditing
• Project termination