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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 19:06

Activity Resource Estimating

This is the process of estimating how many resources a project team should use to perform project activities. Before estimating activity durations, the PM must have a good idea of the quantity and type of resources that will be assigned to each activity. Consider important issues in estimating resources:

  • How difficult will it be to complete specific activities on this project?
  • What is the organization’s history in doing similar activities?
  • Are the required resources available?
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