is: Develop Project Budget
The project budget is a detailed estimate of all
the costs required to complete project tasks. It is much
more detailed than the high-level budget developed in the
Initiate Stage. The typical budget specifies costs for
staff labor, materials procurement, ongoing operating costs
and other direct costs such as travel or training.
The detailed budget provides the project sponsor
with a best estimate of how much the project will cost.
The detail budget helps manage expectations and gives the
project sponsor information to develop a cost/benefit for
The budget is also used in the Execute and Control stage
to help determine whether the project is financially
Who is involved?
This information is included in a separate section
of your project plan often referred to as “Project Budget.”
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Updated February 1, 2006 - v1.0