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Budget

An approved cost estimate that applies to the entire project, a specific WBS component, or an individual scheduled activity.

Key Points

  • Represents the authorized funding baseline used to plan, measure, and control costs.
  • May be set at multiple levels: project, control account, work package, or activity.
  • Often time-phased to support cash flow management and earned value analysis.
  • Changes require formal approval through integrated change control.

Example

On a construction project, the manager aggregates the approved costs for design, permits, labor, materials, equipment, and contingency to establish a project budget of $5.2M. The electrical work package has its own approved budget of $420,000, which is tracked monthly against actual costs.

PMP Example Question

Which term best describes the authorized cost estimate for the entire project or for a specific WBS component or scheduled activity?

  1. Bottom-up estimate
  2. Budget
  3. Cost baseline
  4. Earned value

Correct Answer: B — Budget

Explanation: A budget is the approved cost estimate assigned to the project as a whole or to any WBS element or activity.

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