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7.2 Determine Project Budget Process | Project Cost Management.
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Chapter 7: Project Cost Management Knowledge Area:

7.1 Estimate Costs Process: http://whatispmp.com/estimate-project...

7.2 Determine Budget Process: http://whatispmp.com/determine-projec...

7.3 Control Costs Process: http://whatispmp.com/control-project-...

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7.2 Determine Project Budget Process | Project Cost Management Knowledge Area.

Just as its name implies, the Determine Project Budget process results in the project's funding requirements and the project cost performance baseline.

This process occurs at least once on every project, but it's likely to reoccur many times during project planning and as change requests affecting costs are approved.

Since project costs are so closely aligned with other project management processes, most approved change requests will directly or indirectly impact the budget.

To create the project budget and cost baseline, we'll rely primarily on the activity cost estimates, but we'll also use the project scope statement, WBS, and any project contracts since they'll contain cost constraints.

Since both the project budget and project cost baseline will be aggregated to show costs by calendar periods, we'll need the schedule to determine when costs will be incurred.

The WBS can also be used to aggregate the activity cost estimates to the work package and deliverable level, providing another means of cost control and reporting.

7.2.1 Determine Budget: Inputs

• Activity cost estimates
Activity cost estimates are a complete accounting of all component costs, such as labor, resources, services, fees, licenses, of a scheduled activity. These can be presented in detail or summary form.

• Basis of estimates
The basis of estimates is the supporting detail to the activity cost estimates.
What it contains depends upon the project and activity type, but it includes documentation on how the estimate was arrived at, what assumptions were made, what constraints were in place, its range of accuracy, and the confidence level in the estimate.

• Scope baseline
The scope baseline is the approved project scope statement, WBS, and WBS dictionary.
These collections provide the deliverables, statements of work, constraints, and assumptions that are necessary for accurate budgeting.

• Project schedule
The project schedule specifies the planned start and finish date for each scheduled activity, and the accompanying schedule data provides the specific activities and resource requirements.
The schedule is used to aggregate activity costs by calendar period.

• Resource calendars
Resource calendars indicate when and in what quantity resources are assigned to the project. These calendars help aggregate activity costs by calendar period.

• Contracts
If applicable to the project, contracts with outside personnel and organizations indicate monetary arrangements including payment amounts and schedule, which are necessary for budgeting.

• Organizational process assets
The organization will have formal or informal budgeting policies and procedures that must be followed. It may also provide tools that aid in project budgeting.

7.2.2 Determine Budget: Tools and Techniques

• Cost aggregation
Individual costs are aggregated in many different ways for budgeting purposes, including at the work package, deliverable, summary activity, or other classification levels.

• Reserve analysis
Reserves are time or cost buffers in the project schedule or budget that help the project respond to uncertainties. Reserve analysis monitors these buffers and will use, reduce, or eliminate them based on the current situation.
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PMP Tutorial ►►
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This tutorial covers the following subject matter:

Knowledge areas:
• Project Integration Management.
• Project Scope Management.
• Project Time Management.
• Project Cost Management.
• Project Quality Management.
• Project Human Resource Management.
• Project Communications Management.
• Project Risk Management.
• Project Procurement Management.

Process groups:
• Initiating Processes.
• Planning Processes.
• Executing Processes.
• Monitoring & Controlling Processes.
• Closing Processes.

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