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What is a budget cost estimate?A budget estimate is a forecast of the capital needed for the project activities or a program. A budget is the maximum amount of money an organization or an individual is willing to spend on a project. It is a more detailed and specific financial plan for the project.
Which refers to the activities used to estimate allocate and control costs of a project?Project cost management is the process of estimating, budgeting and controlling costs throughout the project life cycle, with the objective of keeping expenditures within the approved budget. For a project to be considered a success, it's necessary that. it delivers on the requirements and scope.
Why is there a need for cost estimation and budget in project management?Estimating costs as accurately as possible can mean the difference between getting projects up and running quickly vs. encountering delays or cancellations. Cost estimation strategies help project managers forecast the resources necessary for each step of a project and ensure that projects stay on track.
Which of the following activities are involved in the project cost control process?The process of establishing budgets, standards, and a monitoring system by which the investment cost of the project can be measured and managed. D. The process of gathering, accumulating, analyzing, reporting, and managing the costs on an on-going basis.
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