Purchase Solution

Project Budget

Not what you're looking for?

Ask Custom Question

1. How important is coming up with a realistic project budget, and what is the function of the contingency factor in developing a budget? Be sure to include discussions on your views of "padding" the budget. Add a cite references to support your arguments.

Purchase this Solution
Solution Summary

How important is coming up with a realistic project budget, and what is the function of the contingency factor in developing a budget? Be sure to include discussions on your views of "padding" the budget. Add a cite references to support your arguments.

Solution Preview

One cannot undermine the importance of having an accurate or realistic project budget as it of crucial importance for the smooth and timely completion of the project without any hindrances and as per originally planned scope.

An accurate and realistic budget helps us to identify which resources are available and what additional requirements will come up during the course of the project, thereby providing ample opportunity in advance to prepare for such requirements. Realistic budgeting also helps ...

Solution provided by:
Sandeep Bardia, MBA
Education
  • BCom, SGTB Khalsa College, University of Delhi
  • MBA, Rochester Institute of Technology
Recent Feedback
  • "Thank you. "
  • "Thank you"
  • "Thank you. I got 20/20 last week for my discussion you help me out with."
  • "Thank you. Great Job. "
  • "Thank you. Great Job. "
Purchase this Solution
Free BrainMass Quizzes
Organizational Behavior (OB)

The organizational behavior (OB) quiz will help you better understand organizational behavior through the lens of managers including workforce diversity.

Basic Social Media Concepts

The quiz will test your knowledge on basic social media concepts.

Change and Resistance within Organizations

This quiz intended to help students understand change and resistance in organizations

Business Ethics Awareness Strategy

This quiz is designed to assess your current ability for determining the characteristics of ethical behavior. It is essential that leaders, managers, and employees are able to distinguish between positive and negative ethical behavior. The quicker you assess a person's ethical tendency, the awareness empowers you to develop a strategy on how to interact with them.

SWOT

This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.

View More Free Quizzes
Related BrainMass Solutions

  • Project Budgets

    251054 Project Budgets What is the function of a project budget? Explain the difference between a cost account budget and a time phased budget?

  • Analyzing the given investment options

    Budget used=$250,000 Budget left=$30,000 Solution selects the suitable project/s subject to the given budget constraint.

  • Budget

    Accuracy in estimating a budget of a certain project is very important in ensuring that the project will push through.

  • PM for LRH Products: Determining Budgets for Individual Tasks

    This budget is not incorporated in the Project Status Inquiry and is also not used for comparisons with the accruals. Baseline budget: The pros are this helps convert the draft budget into the Project Status Inquiry Screen.

  • Steps in Budget Creation

    Project Budget To prepare a budget for supply, service and material in a project is crucial for effective implementation of the cost to the available resources.

  • Given the following information for a one-year project, answ

    Is it under budget or over budget? The project is behind schedule, and over budget. Use the CPI to calculate the estimate at completion (EAC) for this project. Is the project performing better or worse than planned?

  • Probability of being under budget and within schedule

    So, the probability that both the project in your company will be under budget and will be within schedule will be = the probability that the project will be under budget multiplied by the probability that project will be within schedule.

  • Determining the optimal capital budget

    Optimal capital budget=Cost of project A+ Cost of project B = 15000+15000=$30000 Solution determines the optimal capital budget in the given case.

  • Operationalize project cost

    How do organizations determine project budget?

  • Scheduling and Budgeting

    the project back to budget. if the variation is very high or unavoidable the project manager may suitably adjust the budget of the project (6).

View More Related Solutions