Chapter Name: Develop a project budget
Description:Develop a project budget: Learners compile estimates into a comprehensive project budget with cost baselines and reserves.
Purpuse:Learners will compile all cost estimates into a detailed project budget. This includes creating cost baselines and reserves to cover unforeseen expenses, ensuring the project stays within its financial constraints.
Rational:The budget becomes a control tool for tracking performance and managing funding.
Chapter Assessment
Scope of Practical Skill
Assessment Questions
Assessment 1 : All documented reports are accurate and compiled in the required format
This assessment checks if all the documentation related to the project budget is complete, accurate, and formatted according to project requirements.
Assessment 2 : The cost baseline represents a time-phased budget that is used as a basis against which to measure, monitor and control overall cost performance on the project
This assessment ensures that the cost baseline is developed as a time-phased budget and serves as a benchmark for measuring, monitoring, and controlling cost performance.
Assessment 3 : The cost baseline reflects needs and structures including but are not limited to: Work Breakdown Structure (WBS), Chart of Accounts, Schedule
This assessment ensures that the cost baseline takes into account necessary project structures such as the WBS, Chart of Accounts, and Schedule.