What are the elements of budgets and estimates? Explain each of the elements.
Budgets are actually cost estimates tied to detailed distribution of revenues. Dissimilar conservative monetary statements, revenue and defeat and cash flow statements, there is not a standardized format for a marketing budget, and yet, a budget is required to have a successful marketing plan. Budgets are actually consequent by entering hours, and labor rates (escalated over time), and non-labor dollars into a worksheet. The indirect cost burdens are calculated based on the rates, applied by individual Cost Element. The WBS budgets and estimates are aggregated over all direct and indirect Cost Elements and Performing Organizations, for the specified time periods.© BrainMass Inc. brainmass.com October 24, 2018, 8:23 pm ad1c9bdddf
What are the elements of budgets and estimates?
WBS useful during the estimating of a project budget.
1 Explain how a work breakdown structure can be useful during the estimating of a project budget.
2 Before PERT diagrams are prepared, the person performing the work should have a clear definition of the requirements and objectives, both prime and support. Is it an absolute necessity? Why?
3 Is it possible to establish formal organizational procedures (either at the project level or corporate-wide) for the resolution of conflicts? If a procedure is established, what can go wrong?
4 Once a project begins, a good project manager will set up milestones. How should this be accomplished? Will the duration of the project matter? Can milestones be built into a schedule? If so, how can they be identified?
5 Explain how a project monitoring system in your project environment can benefit the overall success of the project.
6 Good project management systems have a memory. The precise organization of the final report is not a matter of great concern. What matters are that several subjects should be addressed in the final report? What must the project manager do in planning, scheduling, monitoring, and closing out the project?
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