BSBPMG504A Manage Project Costs 7.2 Determine Budget Adapted from PMBOK 4 th Edition InitiationPlanning ExecutionClose Monitor Control The process of aggregating.

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Presentation transcript:

BSBPMG504A Manage Project Costs 7.2 Determine Budget Adapted from PMBOK 4 th Edition InitiationPlanning ExecutionClose Monitor Control The process of aggregating the estimated costs of individual activities, deliverables or work packages in order to establish a cost baseline for the project Project budgets are the funds authorised to execute the project Project cost performance is measured against the authorised budget and the cost baseline Simplified by using project management software Occurs during Planning

BSBPMG504A Manage Project Costs 7.2 Determine Budget Adapted from PMBOK 4 th Edition Inputs to Determine Budget Activity Cost Estimates Basis of Estimates Scope Baseline – Scope Statement and Work Breakdown Structure Project Schedule Resource calendars Contracts Cost management and budgeting policies and procedures Cost budgeting tools Reporting methods and formats

BSBPMG504A Manage Project Costs 7.2 Determine Budget Adapted from PMBOK 4 th Edition Tools and techniques to Determine Budget Cost Aggregation Cost estimates for activities and work packages are aggregated to deliverables and then for the entire project Closely related to the Work Breakdown Structure Reserve Analysis Expert Judgement Cost Aggregation Funding Limit Reconciliation Historical Relationships

BSBPMG504A Manage Project Costs Reserve Analysis Inclusion of contingency Can be calculated for each activity Can be calculated for entire project Often a percentage based on risk or complexity Expert Judgement Based on expertise in a specific knowledge area, industry or discipline Many sources including – –Consultants –Stakeholders –Professional associations –Industry Groups 7.2 Determine Budget InitiationPlanning ExecutionClose Monitor Control Adapted from PMBOK 4 th Edition

BSBPMG504A Manage Project Costs Historical Relationships Uses both parametric and analogous estimates from previous projects with similar characteristics Often includes mathematical models to assist in cost estimating based on estimating tables published by industry or developed internally for an organisation Funding Limit Reconciliation Relates to funding limits that are set at the beginning of a project and analyses variances to these in order to control cost Not commonly used as inaccurate and difficult to enforce 7.2 Determine Budget InitiationPlanning ExecutionClose Monitor Control Adapted from PMBOK 4 th Edition

BSBPMG504A Manage Project Costs Typical Expenditure and Funding Patterns Time Cumulative Expenditure Cost Baseline Actual Expenditure ClosureExecutionPlanningInitiation Funding Request 1 Funding Request 4 Funding Request 3 Funding Request 2 Funding Request 5 $

BSBPMG504A Manage Project Costs 7.2 Determine Budget Adapted from PMBOK 4 th Edition InitiationPlanning ExecutionClose Monitor Control Outputs of this process include – Cost Performance Baseline –The authorised budget for the entire project –Budget is calculated and displayed over time Project Funding Requirements –Includes both total funding requirements and periodic funding requirements –Often approved for each phase rather than entire project Project Document Updates –Changes to the Risk Register –Changes to Cost Estimates –Changes to Project Schedule