These team members identify people or labor categories required to perform the work and multiply the cost of the labor by the number of required to complete the task, as discussed in scheduling.

This provides the expertise required to make the estimate and provides buy-in and accountability during the actual performance of the task. Budget estimates are obtained from the people responsible for managing the work efforts. of performing a task is directly related to the personnel assigned to the task, the duration of the task, and the cost of any non-labor items required by the task. The development of costs for each task should be simple and direct and consist of labor, material, and other direct costs. Identify Factors To develop the budget, the applicable cost factors associated with the project tasks are identified. When project costs begin to escalate, revisit the project plan to determine whether scope, budget, or schedule needs adjusting. When a schedule begins to slip, cost is proportionally affected. The budget is often a fairly set parameter in the execution of the project. serves as a control mechanism where actual costs can be compared with and measured to the budget. For this reason, budget estimates are refined in the planning process until they are baselined at project start-up. This parameter may or may not coincide with the actual funds needed to perform the project. Initial budgetary estimates are often based on availability of funds. The steps associated with budgeting are highly dependent upon both the estimated length of tasks and the resources assigned to the project. At the initial stages of project planning, budgeting is the determination of costs associated with the defined activities. Overview of Project Paralleling the development of the schedule is the development of a budget.

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