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Stage 2: Initiate the Project
 
 
Activities

 

 

 

What it is How to Templates/
Examples
 
 
What it is: Develop a High-Level Budget

Description
A high-level budget is a summary of the estimated costs to complete the high-level project milestones.  Generally, there are three types of costs that can be included in a high-level budget:

  1. Labor costs
  2. Material costs
  3. Non-labor costs.

Rationale/Purpose
The high-level budget gives the Project Sponsor an estimate of the total expenditures expected for the project and serves as a basis to allocate monies to support the project.  

The high-level budget is a preliminary estimate for the project. The detailed budget estimate is produced in the Plan Stage when more detail about the project is known. The detail budget becomes the baseline for the Execute and Control Stage.

Who is involved
Project Manager
Project Sponsor
Project Stakeholders

Result
This information is included in a separate section of your project charter often referred to as:

  • High-level budget
 

 

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Updated February 1, 2006 - v1.0