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Project Management Blog
Thursday, 25 January 2007 20:48

Cost Budgeting

Cost budgeting involves aggregating the estimated costs of individual schedule activities or work packages to establish a total cost baseline for measuring project performance. The project scope statement provides the summary budget. However, schedule activity or work package cost estimates are prepared prior to the detailed budget requests and work authorization.

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Thursday, 25 January 2007 18:27

Scope Verification

Scope verification is the process of formalizing acceptance of the project scope by the stakeholders. It requires reviewing work products and results to ensure that all were completed correctly and satisfactorily. Scope verification occurs at the end of each project phase, and as part of the project closeout process. Scope verification is concerned with stakeholder Acceptance of the work. Work is sometime denied and must be Re-Worked. 

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