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6 Tools And Techniques For Determine Budget For Projects

In my previous article, I have discussed some of the tools that can be used when it comes to managing a project for organisations and determining the budget for projects. In this article, I want to look at some of the tools and techniques that can be used to determine the budget for projects. Follow me as we look at this together in this article.

 

Now the techniques…

#1 Expert Judgement

One of the techniques that can be used to determine the budget for projects is expert judgement. You have to discuss with experts and get there opinions concerning your deliverables. They will be able to advise you on the best way to go about it. Some of the areas where expert judgment can be sought from include: previous similar projects, the information in the industry, financial principles as well as funding requirements and sources for projects.

 

#2 Cost estimation

Cost estimates are aggregated by work packages in accordance with the WBS. The work package cost estimates are then aggregated for the higher component levels of the WBS and ultimately, for the entire project.

 

6 Tools And Techniques For Determine Budget For Projects

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