budget
- 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
- Cost categories
- Contingency reserve
- Management reserve
- base cost estimate
- 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
- Committed
- 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
- Project Budget
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