Hollywood Secrets of Project Management Success

Benefits of Multifaceted Budgeting

The budgeting approaches and tips presented in this chapter will certainly aid a project team in coming up with better estimates of project costs. Note, however, that the nature of estimating and budgeting probably will always ensure that the process remains an approximation. Budgets will rarely start off from precisely derived estimates. But a multifaceted approach does promote smoother control and firmer fiscal targets. Granted, it takes more time to budget to the board—that is, to base budget numbers not only on general project parameters but on a sharp appraisal of a WBS shaped from the requirements and other project characteristics. When project managers (through organizational support) are able to include ...