Project Management and Budgeting
The constructio
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The construction of a realistic budget is the outcome of all planning in the project management phase. The more realistic this is, the better planned the project is. Realistic may not mean the actual amount that the project manager needs to do the project. Rather, it represents the amount of funding that the manager needs to carry out a project at any time during the process.Budgeting is a part of the planning function, and also serves as a control mechanism giving the basis from which actual performance can be compared, measured, explained, and corrected. Control accounts are identified and established, each having component accounts needed for optimum control. The budget should be viewed and used as a program for planned expenditures. When the budget is combined with a schedule it serves as a program of physical completion and provides a most important tool of project management. (Stuckenbruck, 1981, p. 20) The function of the contingency factor is to determine, in advance, what costs could be changed if needed, and which are fixed. For example, say that raw material costs
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Some common words found in the essay are:
Management Budgeting, project management, Security Management, Project Management, Stuckenbruck Ed, project manager, References Evans, performance bond, contingency factor, evans 1998, risk project, amount project, MA Addison-Wesley,
Approximate Word count = 758
Approximate Pages = 3 (250 words per page)
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