The Ultimate Project Manager, Chapter 06: The Project Budget (RV-10430)
Price, cost, budgets, estimates, fees, revenues, etc.—there always seems to be confusion about these terms. Are they the same thing or different? If they are different, what is the difference? These are some of the questions that we will answer in this course. This course will not attempt to make the project manager into an accountant; however, a basic understanding of these terms is vital to establishing the project budget. Assuming that the PM has completed the planning and scheduling phase, it is now time to align the project budget to the tasks in the project management plan.
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Recognize facts regarding project pricing.
Compare and contrast five common project budgeting methods.
Recognize the pitfalls that should be avoided in common budgeting methods.
Identify the components of a typical project budget.
Recognize common mistakes made when budgeting a project.
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