Join Terri Wagner for an in-depth discussion in this video Building a budget, part of Project Management: Preventing Scope Creep.
…You know what the high level estimate was when the project charter was signed.…But now you need to true-up the estimates to reflect the greater…level of detail you have about…the project, thanks to your progressive elaboration.…The total effort required to perform the project…is determined in the estimating and scheduling process.…Until the final schedule has been agreed upon, estimating…isn't complete, because as you schedule, you may reassign…resources which may change effort estimates for individual tasks.…
The effort is multiplied by the hourly rate…for the resources to obtain human resource cost.…The hourly rate may be loaded for the organization to…include things such as overhead expenses, benefits or paid leave.…Then, capital costs or costs that…are associated with non-human resource elements such…as equipment purchases, software license costs, costs of supplies or facilities…directly charged to the project and project overhead are added to the total.…The output from these calculations are allocated over the…
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- What is scope creep?
- Why does scope change?
- Factoring in organizational maturity
- Setting scope and requirements
- Building a budget
- Resetting unrealistic expectations
- Resolving communication issues with stakeholders<br><br>
- The PMI Registered Education Provider logo is a registered mark of the Project Management Institute, Inc.