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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 ,
rajatahaali wrote:Also interestingly Project schedule is an input to Estimate cost. What to do first. Determine Schedule or Estimate Cost?