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Various ways to determine budgets for the individual tasks

Task Name: Phase 3 Discussion Board 2

Details: The company has established an overall budget for this project, but the budget needs to be refined. Identify and consider various ways to determine budgets for the individual tasks. 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?

In your own words, please post a response to the Discussion Board and comment on other postings. You will be graded on the quality of your postings.

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Objective: Recognize and achieve basic competency in technical areas of project management including PERT, CPM, Gantt, Work Breakdown Structures, and other forms of project planning and control.
Create a project plan from given elements of a project scenario.
Use effective communication techniques.

Solution Preview

The company has established an overall budget for this project, but the budget needs to be refined. Identify and consider various ways to determine budgets for the individual tasks. What are the pros and cons of each method? What is the role of the project manager in determining budgets for these tasks?

Budget is a comprehensive financial plan of allocation of financial resources. Advantages of Master Budget
1) It helps in coordination between different departments
2) It acts as training to the managers
3) It compels managers to think ahead
4) It helps in planning and controlling
5) It helps in achieving the objectives ...

Solution Summary

Response discusses various ways to determine budgets for the individual tasks

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