budget

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  • Created by: stonesy71
  • Created on: 14-08-20 09:45
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  • Budget and Cost Control
    • Project Budget
      • Planned expenditure
      • 3 major components
        • base cost estimate
          • Cost categories
            • Direct
            • Fixed
            • Indirect
            • Variable
        • Contingency reserve
        • Management reserve
    • Budget/ Cost Alignment
      • Each work package in the WBS will have costs associated to labour
      • CBS (Cost breakdown structure)
        • Used to monitor and identify trends
    • Cost Types
      • Committed
        • Money set aside for future
      • Accruals
        • payment due whether invoice raised or not
      • Actual
        • Money out due to services/ materials
    • Effective budgetary control
      • Cost accounting
      • Cost management
    • Benefits
      • Better visibility of project cash flow
      • Improved financial planning
      • Understand impact of profit and loss
      • Impact of budget change
      • Decision making

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