UNIT 5030 PLANNING AND MANAGING CONSULTANCY INTERVENTIONS

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Croft, C., (2013) Project Management in 8 Minutes. YouTube. Video accessed on 20/1/2020 at: https://www.youtube.com/watch?v=qkuUBcmmBpk

2.2 Evaluate the need for budgeting of financial and non-financial resources

The Project Management Institute publishes the "Project Management Body of Knowledge," which defines how to calculate the budget at completion, budgeted cost of work performed, and budgeted cost of work scheduled (PMI: 2017). These standard calculations help the project manager monitor project progress, stay within the budget and report the project's status using universally recognized terms. An easy way to visualise a framework for cost management has been provided by project management specialists, Cleopatra: Figure 1: Cost Management lifecycle framework:

Source: https://www.costmanagement.eu/blog-article/198-cost-managementexplained-in-4-steps)


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