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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.

How To Land the Job and Interview for Project Managers Course

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This isn’t just another job-hunting guide—it’s a tailored roadmap for project managers. You’ll craft winning resumes, tackle tough interview questions, and plan your first 90 days with confidence. Our hands-on approach includes real-world examples, AI-powered resume hacks, and interactive exercises to sharpen your skills.

You'll navigate the hiring process like a pro, with expert insights on personal branding, salary negotiation, and career growth strategies. Plus, downloadable templates and step-by-step guidance ensure you're always prepared.

Learn from seasoned professionals and join a community of ambitious project managers. Ready to land your ideal job and thrive in your career? Enroll now and take control of your future!



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HK School of Management delivers top-tier training in Project Management, Job Search Strategies, and Career Growth. For the price of a lunch, you’ll gain expert insights into landing your dream PM role, mastering interviews, and negotiating like a pro. With a 30-day money-back guarantee, there’s zero risk—just a clear path to success!

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