Riding the Wave

Chapter 7Developing the Project Budget

DOI: 10.1201/9781003201557-9

Managing a budget is like a tightrope act. They require careful balance and a touch of creativity to stay on track.

Peter Drucker, Management Consultant and Author

Cost Management: Budgeting, Cash Flows, and Government Funding Cycles

We develop cost estimates based on the work defined in the WBS, including the time estimates from the schedule development process. We then assign resources to tasks:

• Human resources: team members assigned on a full-time basis (maybe over weeks) or part-time basis; contract or seconded staff
• Equipment: heavy equipment (trucks, forklifts), computers, servers, networks, radios and base stations, etc.
• Systems and software
• Materials and supplies ...