Skip to Main Content
Skip to Navigation
Project Management Orientation

Cost Estimating and Cost Budgeting Defined 

As stated earlier, estimating is determining the resources (labor, equipment, and facilities) needed to complete the project.  One reason for creating a project budget estimate is to provide a basis for tracking and managing project costs.  Specific tasks within the estimating process are cost estimating and cost budgeting.
  
When approved, the budget is placed under change control and is the basis for establishing the financial measurement baseline of the project.

When all of your costs have been defined and the project budget has been approved, all of the costs should be input into the WWPMM Financial Plan work product.  The description and template for the work product can be found along with descriptions and templates for all work products at the WWPMM Web site.

Picture of a meeting.
1: Getting Started
2: Define the Project Team
3: Team Management
4: Identify and Validate Requirements
5: Create Decomposition Structures
6: Risk Management
7: Project Estimates
8: Project Schedules
9: Change Management
10: Project Control and Execution
Defining the Project
11: Project Management Review
12: Project Closeout
13: Project Management Tool Suite
14: Self-Assessment and Final Exam
Fast Points
Concepts
Seven Keys
Case Study
WWPMM
Mentor
Check Point
Previous button
Next button
Print button
Help button
Glossary button
Exit course button