TAILIEUCHUNG - Lecture Project management: A managerial approach – Chapter 7: Budgeting: estimating costs and risks

In chapter 7, we will see that the distinction between these types of life cycles plays a critical role in developing budgets and schedules for projects. It is not necessary for the PM to estimate the precise shape of the life-cycle curve, but the PM must know which type of project life cycle applies to the project at hand. | Chapter 7 Budgeting: Estimating Costs and Risks 7- Budgeting A plan for the costs of project resources A budget implies constraints Thus, it implies that managers will not get everything they want or need 7- Budgeting Continued The budget for an activity also implies management support for that activity Higher the budget, relative to cost, higher the managerial support The budget is also a control mechanism Many organizations have controls in place that prohibit exceeding the budget Comparisons are against the budget 7- Estimating Project Budgets On most projects Material + Labor + Equipment + Capital + Overhead + Profits = Bid In other words Resources + Profits = Bid So we are left with the task of forecasting resources 7- Estimating Project Budgets Continued Like any forecast, this includes some uncertainty There is uncertainty regarding usage and price Especially true for material and labor The more standardized the project and components, the lower the .

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