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PM4DEV - Project Budget Management

PM4DEV - Project Budget Management

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Published by Paola Diaz

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Published by: Paola Diaz on Jun 06, 2009
Copyright:Attribution Non-commercial

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08/13/2013

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ProjectBudgetManagement
PROJECTMANAGEMENT FORDEVELOPMENT ORGANIZATIONS
pm4dev, 2008 –management for development series ©
 
Project Budget Managementwww.pm4dev.com
PROJECT MANAGEMENT FORDEVELOPMENT ORGANIZATIONS
A methodology to manage developmentprojects for international humanitarianassistance and relief organizations
 
© PM4DEV 2008Our eBook is provided free of charge on the condition that it is not copied, modified, published,sold, re-branded, hired out or otherwise distributed for commercial purposes. Please giveappropriate citation credit to the authors and to PM4DEV.Feel free to distribute this eBook to any one you like, including peers, managers andorganizations to assist in their project management activities.
 
Project Budget Managementwww.pm4dev.com
PROJECT BUDGET MANAGEMENT
A project budget is the total sum of money allocated for the particularpurpose of the project for a specific period of time. The goal of budgetmanagement is to control project costs within the approved budgetand deliver the expected project goals.Our definition of a successful project is one that meets four successcriteria: that the project’s scope is delivered on schedule, it isdelivered within budget and, once delivered, it meets the qualityexpectations of the donor and beneficiaries. For project managers tobe truly successful they must concentrate on meeting all of thosecriteria.The reality is that most project managers spend most of their effortson completing the project on schedule. They spend most of their timeon managing and controlling the schedule and tend to forget aboutmonitoring and controlling the budget.The focus of this chapter is on managing and controlling the projectbudget throughout the entire project life cycle while relating budgetcontrol to the other success criteria.Budget management consists of a series of tasks and steps designedto help manage the costs of the project, the steps are:
 
Defining the Budget
 
Executing the Budget
 
Controlling the Budget
 
Updating the Budget
Inputs:
Inputs for the project budget management include thefollowing documents or sources of information:
 
WBS
 
Project contract or initial budget
 
Resource requirements
 
Resource cost estimates
 
Activity duration estimates
 
Historical information
 
Market conditions
 
Donor and organization policies

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