Assignment task: Chapter 7 is a focus on Project Cost and Budgeting. Note that a project budget is the total sum of money allocated for a particular purpose and for a specific period of time.
In comparison, the goal of budgeting within the project is to control project costs. Thus, budget management is an opportunity to align the approved budget with expected project goals.
Presented below are several prominent strategies for budget control within a project. For the four (4) approaches listed, provide a description of each. Parallel the description of the strategies with text concepts and other resourceful references.
For the following, expound upon each; briefly describe what each is in relation to project business objectives:
1. Continually forecast the budget
2. Regularly forecast resource usage.
3. Keep the team informed; alert of budget constraints.
4. Manage scope meticulously; and manage budget within the scope.