Project Management Areas
Budgets & Schedules
Project budgets and schedules reflect the scope’s quantification and planned performance – they provide the baseline for Earned Value Management (EVM), change control, progress measurement, and forecasting. As with initial scope definition, project success is reliant on accurate and complete identification of all scope. Thorough budgeting and scheduling practices – combined with the use of sound coding structures, etc. – can help ensure this accuracy and completeness. Budgets and schedules also provide the means to identify deviations from original and current plans, understand other cost and schedule variances, create accurate forecasts, and ultimately provide the comprehensive decision-making that is vital to project success.