Cost Estimating and Cost Budgeting Defined
As stated earlier, estimating is determining the resources (labor, equipment, and facilities) needed to complete the project. One reason for creating a project budget estimate is to provide a basis for tracking and managing project costs. Specific tasks within the estimating process are cost estimating and cost budgeting.
When approved, the budget is placed under change control and is the basis for establishing the financial measurement baseline of the project.
When all of your costs have been defined and the project budget has been approved, all of the costs should be input into the WWPMM Financial Plan work product. The description and template for the work product can be found along with descriptions and templates for all work products at the WWPMM Web site.