Difference between project costs and the project budget. Please help.

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What is the difference between project costs and the project budget?

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Answer
3 answers

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Project Cost = Sum(Estimated Work Package Cost) + Contingency Reserves for Know Unknown Risks
Project Budget = Project Cost + Management Reserves for Unknown Unknown Risk

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Project costs are individual or aggregated cost estimates for work to be done on the project, on the project; budget represents these costs over time.

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Project cost is the actual cost of project after completion. Budget is the planned cost before starting project.

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