Join Bob McGannon for an in-depth discussion in this video Budgeting around a solid work-breakdown structure, part of Project Management Foundations: Budgets (2014).
…Going somewhere you've never been before, without a GPS, or…even and old school map, can be a very daunting task.…Moving down the path of delivering a project without…appropriate information, is a lot like not having a GPS.…The work breakdown structure, or WBS, is like a…map from which you can build your project budget.…A Work Breakdown Structure is a logical grouping of…things that need to be produced by you project.…It can be a diagram, table, or…list that arranges product deliverables into manageable sections.…
These sections are then broken down in tasks, or work…packages, that can be assigned to a single person to handle.…The detail you build into a work breakdown structure can make budgeting a lot easier.…Every task becomes easy to identify as tasks all come at a cost…whether that's time or dollars, you can then more accurately budget for them.…There are two ways to put a…budget together using your work breakdown structure.…You can either go from the top down, or the bottom up.…
Let's look at top-down first, which I suggest you use at…
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- Discovering costing standards
- Examining capital and operating costs
- Assigning costs to resources
- Communicating your budget
- Recovering a bloated budget
- Addressing budgeting issues<br><br>
- The PMI Registered Education Provider logo is a registered mark of the Project Management Institute, Inc.