The Project Management Processes The main steps of budget management include; the definition of all resource requirements the project w ill use, from consultants, material, and equipment; development of a co st estimate of all the resources including human...
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The Project Management Processes The main steps of budget management include; the definition of all resource requirements the project w ill use, from consultants, material, and equipment; development of a co st estimate of all the resources including human resources, and the development of a budget baseline that will be used to track and report budget expenditures. Outputs from this process includ e; a project budge t, a budget management plan that defi nes the levels of authority for charging items to the budget, and a budget co ntrol plan that defies revision to the budget, budget updat es and a budget monitoring pla n. An important technique in budget management is the use of Earned Value Analysis (EVA) which is basically a tracking metric which measures the actual amount of work the project has accomplished, regardless of the effort expended or the time elapsed. Quality Management Quality management is the process to ensur e that the project will satisfy the needs of the benefici a
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