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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 18:20

Scope Planning

Scope planning is the process of creating a project scope management plan that documents how the project scope will be defined, verified, controlled, and how the work breakdown structure (WBS) will be created and defined. The goal of scope planning is to create the output of the scope planning process the Project Scope Management Plan. To be successful creating the scope statement and the scope management plan, the project manager and the project team must have a full understanding of the project requirements, business need of the project, and stakeholder expectations. 

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