The ability to plan an effective budget is critical to the understanding of planned and actual costs in a project. The only way to understand both schedule performance and the accuracy of the budget is to create a baseline. Use your text reading and the ProQuest article by Marcia Jedd to describe the linkage of a time phased approach to budgeting and the importance of a baseline for the project. How does this baseline enable measurement of project health?
Read the following chapters in Cost and Value Management in Projects:
- Chapter 3: Cost Estimation
- Chapter 4: Project Budgeting
Read the following journal article from ProQuest:
- Jedd, M. (2006, January). Project rescue. PM Network, 20(1), 64-68. Retrieved from ProQuest Database. The article provides a review of project budgeting, scope management, and helpful details on cost and schedule performance to aid in the discussion boards for the week.