Purchase Solution

Processes involved in determining and managing project budgets

Not what you're looking for?

Ask Custom Question

Assignment:

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.

Question:

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.

Purchase this Solution
Solution Summary

The processes which are involved in determining and managing project budgets are determined.

Solution Preview

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 ...

Solution provided by:
Ashish Sharma, MBA (IP)
Education
  • MBA (IP), International Center for Internationa Business
  • BBA, University of Rajasthan
Recent Feedback
  • "Thank You so much! "
  • "Always provide great help, I highly recommend Mr. Sharma over others, thanks again. "
  • "great job. I will need another help from you. "
  • "first class!"
  • "Thank you for your great notes. Will you be willing to help me with one more assignment? "
Purchase this Solution
Free BrainMass Quizzes
Team Development Strategies

This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.

Income Streams

In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.

Balance Sheet

The Fundamental Classified Balance Sheet. What to know to make it easy.

Managing the Older Worker

This quiz will let you know some of the basics of dealing with older workers. This is increasingly important for managers and human resource workers as many countries are facing an increase in older people in the workforce

Marketing Management Philosophies Quiz

A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.

View More Free Quizzes
Related BrainMass Solutions

  • Project Management Tools

    Microsoft Project - It is a software designed by Microsoft to assist project managers in developing plans, assigning resources to tasks, tracking progress, managing budgets and analyzing workloads. A brief description follows: ?

  • Cost budgeting and preparing a cost estimate

    -Discuss different types of cost estimates and methods for preparing them. -Understand the processes involved in cost budgeting and preparing a cost estimate and budget for an information technology project.

  • Analysis of Health Care Budgets

    are outside targets, setting accurate budgets, establishing accountability, monitoring variances, and managing expenses.

  • Management of Scope & Budget Creep

    The approval from board will be required for all the major decision throughout the project development and specially in determining the project scope. It will help to manage the cost and scope of the project in an appropriate way.

  • Project Plan Budgeted Cost

    What are the pro's and con's of each method? What is the role of the project manager in determining budgets for these tasks?

  • Decision and Fault Trees

    Each participant, such as the stakeholders, contract managers, project managers, risk management team members, and other project members should all play a role in determining the risks of a project.

  • Preparing a Budget: Top-down and bottom-up approach

    - Advantages of Bottom Up Budgeting in the Lean Cell - Team members were involved in every step - Course of action and detailed budgets were taken by the whole team - Direction on values and goals came from the top, detail came from the team -

  • MIS: Project Management

    An initial IT project request includes the objectives and scope of the project, and the inputs/outputs involved in the project.

  • BPM Methodology vs.Ttraditonal IT Strategic Planning

    BPM's is comprised of four core processes. These four key steps are the foundation of designing, implementing and managing BPM. 1.

View More Related Solutions