The fourth step in our nine-step project life-cycle is to develop the project budget.
The fourth step in our nine-step project life-cycle is to develop the project budget. After the team has developed the scope and objectives, and the project schedule has been developed, the Project Manager (you) can finalize the project budget. However, two processes, Plan Procurements, and Conduct procurements, are essential steps that should happen early in the project. They are included here because the costs of procurements (should there be any) must be determined for budget development is complete. In practice, project budget development usually happens simultaneously with the scope and schedule development processes. Developing the project budget is an iterative process that, in practice, can take some time to complete. We will keep our deliverables as simple as possible for this assignment but sufficient enough to be meaningful. Several project management processes are used to develop the project budget, including Plan Procurements, Plan Cost Management, Estimate Costs, and Determine Budget.
Sections 4.2 and 7.1 of the PMBOK® Guide (6th edition) Develop Project Management Plan describe the Cost Management plan document and Plan Cost Management. The Cost Management plan sets out the format and establishes the criteria for planning, structuring, estimating, budgeting, and controlling project costs. The Plan Procurements and Conduct Procurement processes are defined in chapter 12 of the PMBOK® Guide (6th edition). The Estimate Cost and Determine Budget processes are defined in chapter seven of the PMBOK® Guide (6th edition).
For this portion of the course project, you will develop the following project management artifacts:
Cost Management Plan/Statement
Procurement Management Plan/Statement
Activity/Procurement Cost Estimates list
Cost Performance Baseline (Budget)
Then upload/attach your work file(s) in this assignment module by the due date noted below.
Project Budget Artifacts – Scoring Guide
10% of the course project grade
Activity
Percent
Cost Management Plan/Statement.
15%
Procurement Management Plan/Statement
15%
Activity/Procurement Cost Estimates list.
15%
Cost Performance Baseline (Project Budget)
15%
Submissions demonstrate significant compliance with PMI standards.
20%
Submissions demonstrate professional and effective communication skills.
(Grammar, mechanics style, etc.…).
20%
Total Percent
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