SAB10#69_Determine_Budget

SAB10#69_Determine_Budget

1. Basis of Estimates

2. Risk Register

3. Agreements

   • If you’re doing work that’s been contracted, then your agreement will have information (like fees or rates) that you’ll need to take into account.

4. Project schedule

5. Scope Baseline

6. Cost Management Plan

7. Organizational Process Assets

8. Activity Cost Estimates

9. Resource calendars

10. Cost Aggregation

    • Roll up your Estimates into Control Accounts. This tool is called cost aggregation. You take your activity estimates and roll them up into control accounts on your work breakdown structure. That makes it easy for you to know what each work package in your project is going to cost.

11. Reserve Analysis

    • Come up with your reserves. When you evaluate the risks to your project, you will set aside some cash reserves to deal with any issues that might come your way. This tool is called reserve analysis.

12. Historical Relationships

    • Here’s where you compare your project to historical data that has been collected on other projects to give your budget some grounding in real world historical relationships, and you use your own expertise and the expertise of others to come up with a realistic budget to cover your project’s costs.
    • Expert Judgment

13. Fundig Limit Reconcilation

    • Make sure you haven’t blown your limits. This tool is funding limit reconciliation. Since most people work in companies that aren’t willing to throw unlimited money at a project, you need to be sure that you can do the project within the amount that your company is willing to spend.

14. Parametric Estimating

15. Cost Baseline

    • Build a baseline. Just like your scope and schedule baselines, a cost baseline is a snapshot of the planned budget. You compare your actual performance against the baseline so you always know how you are doing versus what you planned.

16. Project Funding Requirements.

    • Figure out funding requirements. It’s not enough to have an overall number that everyone can agree to. You need to plan out how and when you will spend it, and document those plans in the project funding requirements. This output is about figuring out how you will make sure your project has money when it’s needed, and that you have enough to cover unexpected risks as well as known cost increases that change with time.

17. Update Project Documents

    • Once you have estimated and produced your baseline and funding requirements, you need to update your Cost Management plan with anything you learned along the way.

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