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

Dmt Nelson's picture
Dmt Nelson

122 points

1
0
-1

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

Cost Management
Financial Management
Posted 1 year ago. 2179 views.
Answer
3 answers

expand's picture
expand

126 points

1
0
-1

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

- 1 year ago.

Vlasov_Yuriy's picture
Vlasov_Yuriy

27 points

1
0
-1

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.

- 1 year ago.

Frolov Egor's picture
Frolov Egor

25 points

1
0
-1

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

- 1 year ago.

Related content

Budget + 2 more
Role of project sponsor!?
Views: 1,524 Votes: 0 Answers: 1
Cost Management + 2 more
Analytical techniques during the Plan Cost Mng process?
Views: 1,846 Votes: 0 Answers: 2
Cost Management + 2 more
What is Procurement audits?
Views: 1,292 Votes: 0 Answers: 1
Best Practices + 1 more
What are the advantages and disadvantages of decentralized contracting?
Views: 1,382 Votes: 1 Answers: 1