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Cost Vs Time

Posted: Sun Apr 23, 2017 8:00 am
by rajatahaali
While going through Schedule Management Knowledge area i observed that Estimate activity cost in an input to Estimate activity resources. Does this imply that budget is made before Schedule management. If that is true than how can one finalize budget without knowing about schedule and estimated durations some activities might take.Or may be they both are made parallel to each other?

Re: Cost Vs Time

Posted: Sun Apr 23, 2017 8:02 am
by rajatahaali
Also interestingly Project schedule is an input to Estimate cost. What to do first. Determine Schedule or Estimate Cost?

Re: Cost Vs Time

Posted: Sun Apr 23, 2017 5:47 pm
by manishpn
rajatahaali wrote:While going through Schedule Management Knowledge area i observed that Estimate activity cost in an input to Estimate activity resources. Does this imply that budget is made before Schedule management.
No its a iterative process, after initial few passes if the cost budget is excedding threshold than PM has to revisit the resources needed in project, maybe find cheaper resources.
If that is true than how can one finalize budget without knowing about schedule and estimated durations some activities might take.Or may be they both are made parallel to each other?
We cannot baseline budget without schedule but its iterative process so it takes few iterations before we baseline, in smaller projects maybe we execute them in parallel ,
thats possible


Re: Cost Vs Time

Posted: Sun Apr 23, 2017 5:48 pm
by manishpn
rajatahaali wrote:Also interestingly Project schedule is an input to Estimate cost. What to do first. Determine Schedule or Estimate Cost?


Same response as earlier, its iterative process, however before we baseline budget schedule needs to be in place.