This process is taking costs estimates of individual work packages and establishing an authorized cost baseline. This process will provide how much the project will need to be funded and how long it will take from start to finish.
I have not had much experience in dealing with long term projects. From this course work, one can see the complexity of how time and costs can add up quickly. This process is very complicated that requires experience and patients. Being new to estimating, I will be utilizing as many on hand resource's as possible to include: earned value management, historical archives and lessons learned.
Determine Budget: Inputs, Tools and Techniques, and Outputs. Reprinted from "A Guide to the Project Management Body of Knowledge (PMBOK Guide) 5th ed" by Project Management Institute, 2013, p.208. Copyright 2013 by PMI.Inc. Reprinted without permission.
1. Risk Register (Input): This risk register was used from PMGT 613. The risk register should be reviewed to consider how to aggregate the risk response costs.
2. Expert Judgement (Tools and Techniques): This artifact was taken from a cross talk assignment from PMGT 614.
3. Cost baseline (Output): This was a time-phased budget that was developed in PMGT 501. The cost baseline is the approved version of the time-phased budget.