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Basically once you have initiated a project, the PMO or Finance department will be checking that you are staying within the budget and also that you are forecast to stay within it. After all there is no point having a budget of $1million, blowing 50% of it delivering just 10% of the project and no-one noticing. The projection ensures you can see what your burn rate is and make amendments accordingly. Regards Susan de Sousa - Site Editor www.my-project-management-expert.com
Wiki User
∙ 14y ago
Wiki User
∙ 10y agoCollecting all costs associated with finishing a project is the budget process. The Project Management Institute says that "aggregating the estimated costs of individual activities or work projects [establishing] an authorized cost baseline" is the definition of a project budget. Whether a project is millions of dollars or hundreds of dollars, working within a budget helps ensure it is completed for the cost expected.
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How much money the District budget need to give District Department of Transportation so that can continue with their project?
To continue with their project, the District budget needs to give District department of transportation $60000.
How can the need for an increase or decrease in short-term borrowing can be predicted?
You would need to project a cash budget.
Financial project on Financial planning and forecasting?
A project that would accurately showcase financial planning and forecasting would be a budgeting project. A budget would clearly show the value in planning and being able to predict future financial costs.
What is deliverable structure chart?
DSC can be developed as an interim step to define detailed work packages that will be used to estimate the project schedule and budget
Why costs and budget need to be controlled?
If you budget and do not control the spending then how do you know what is received and spent. If the receipts and spending of the receipts are not controlled then you have uncontrolled spending and since money spends faster than it is earned in most instances one would find themselves without the resources needed for the budget, the project or the results desired in the budgeting process.
Are project managers responsible for budget requirements?
Yes & No. The Project Manager is responsible for running the project within budget but the overall project budget is allocated by the Senior Management or in some cases the Customer. The project manager works on the budget given to him and then manages the project in a way that he is within budget
What was the Production Budget for Project X?
The Production Budget for Project X was $12,000,000.
What is the budget of Prison University Project?
The budget of Prison University Project is 400,000 dollars.
What is the budget of Open Source Ecology project?
The budget of Open Source Ecology - project - is 4,000 dollars.
What is the scope of capital budgeting?
They are in charge of deciding the budget for the whole project. They will decide if things stay on budget or if the project must be discontinued.
What is an estimated cost of a project called?
It is called the Cost Budget or the Budget Baseline
Is Project Systems will be used within GFEBS to track that a project is executed efficiently on-time and within budget?
Project Systems will be used within GFEBS to track that a project is executed efficiently, on-time, and within budget.
Project Systems will be used within GFEBS to track that a project is executed efficiently on-time and within budget.?
Project Systems will be used within GFEBS to track that a project is executed efficiently, on-time, and within budget.
Project Systems will be used within GFEBS to track that a project is executed efficiently on-time and within budget?
Project Systems will be used within GFEBS to track that a project is executed efficiently, on-time, and within budget.
Will project systems will be used within gfebs to track that a project is executed efficiently on-time and within budget?
Project Systems will be used within GFEBS to track that a project is executed efficiently, on-time, and within budget.
Who approves capital budget?
The project manager
What is a percentage fee for a project manager from the overall project budget?
Project managers are not usually hired on a %fee basis but on a contract.
