From the course: Project Management Foundations: Budgets
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Budget variables in your budget
From the course: Project Management Foundations: Budgets
Budget variables in your budget
- Using the less is more philosophy can work great for creating project deliverables, but when building a project budget, I abandon that philosophy altogether. The more data you compile, the better your budget will be. Here's my approach to building a solid project budget. Project requirements must be compiled, and you should have a documented work breakdown structure, or WBS. According to the Project Management Institute, the WBS is a breakdown of the team's total scope of work to accomplish the project objectives and create the required deliverables. The WBS is the foundation around which you'll create your budget. For each activity in the WBS, you'll need to estimate the number of hours required to complete it. When making the estimate, you should also note whether a specific skill level is assumed. This is important because a senior-level person may only need 30 hours to complete the task, but a less experienced…
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