Determine Budget

Determine Budget

This the process we roll-up the activity cost estimates to milestone level. At this stage, we know how much money is required to achieve which milestone, in the project lifecycle when that money will be required? How the money will be realized (the source)? Budget negotiation for funding requirements against funding available happens in the process. After all the negotiations are done successfully project cost is baselines in this process. After the cost/budget has been negotiated, approved and baseline it cannot be changed without approval from the change control board (CCD).

Determine Budget (Process Summary)

This table is based on PMBOK 6th Edition of PMI

Inputs

• Agreements
• Business Documents
• Enterprise Environmental Factors
• Organizational Process Assets
• Project Documents
• Project Management Plan

Tools & Techniques

• Cost Aggregation
• Data Analysis
• Financing
• Funding Limit Reconciliation
• Historical Information Review
• Expert Judgement

Outputs

• Cost Baseline
• Project Documents Updates
• Project Funding Requirements

PMBOK 6th Edition Process Summary Table