Aggregating all the estimated costs for the specific activities that make-up a project to determine its total budgeted cost (TBC) and then monitoring a project's progress to ensure that the work involved is kept within budget are two activities that are critical for success.
Discuss the processes involved in determining and managing project budgets while explaining what points and pitfalls project managers should keep in mind when performing these functions.
The following book is used in this class:
Gido, J., & Clements, J. P. (2012). Successful project management. (5 ed.). Mason, OH: South-Western Pub.
The response addresses the queries posted in 484 words with references.
//In this paper, the processes that are required to be determined in managing the evaluation of the project budgets, have been discussed. It is also analyzed in this part that, what are the pitfalls and the points that the managers must keep in mind, while preparing the budget.//
Processes involved in determining and managing project budgets
The main processes or steps involved in determining and managing the project budgets include the initiation process, budget evaluation process, implementation and project control. In the initiation process, the overall costs that are to be included in the budget are ...
The processes which are involved in determining and managing project budgets are determined.