122 points
What is the difference between project costs and the project budget?
126 points
Project Cost = Sum(Estimated Work Package Cost) + Contingency Reserves for Know Unknown Risks Project Budget = Project Cost + Management Reserves for Unknown Unknown Risk
27 points
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.
25 points
Project cost is the actual cost of project after completion. Budget is the planned cost before starting project.
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