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7.2 Determine Budget

 

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7.2 Determine Budget

The process of aggregating the estimated costs of the project activities or work packages to establish an authorized cost baseline.

 

Simple Version: Add up all the estimated costs to create project total.

PMI

 

Agile

PMBOK, Agile Difference, Comment

Inputs

Activity cost estimates

Basis of estimates

Scope baseline

Project schedule

Resource calendars

Contracts

Organizational process assets

 

Tools and Techniques

Cost aggregation

Reserve analysis

Expert judgement

Historical relationships

Funding limit reconciliation

 

Outputs

Cost performance baseline

Project funding requirements

Project document updates

 

Inputs

Activity cost estimates / Story Estimates

Basis of estimates

Scope baseline

Project schedule

Resource calendars

Contracts

Organizational process assets

 

Tools and Techniques

Cost aggregation

Reserve analysis

Expert judgement

Historical relationships

Funding limit reconciliation

 

Outputs

Cost performance baseline

Project funding requirements

Project document updates

 

The process of adding all the individual component costs together to create an overall budget. Initially it is unlikely that all the candidate features or stories for the project will be identified. So merely adding the estimates for the known stories together will give an estimate that is unreasonably low.  Initial estimates should be based more on traditional estimation approaches (like expert judgement, comparison to other systems, etc) or calculated from Timeboxed project burn projections if a fixed end date must be met.  

 

 

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