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Describe the time and cost planning process


Describe the time and cost planning process



1. Define project activities to the “right” level of detail in the WBS (decomposition), so that they are assignable, assessable, and controllable
2. Define the sequence of activities and also the type of dependency (mandatory, discretionary, external) between all tasks on the WBS
3. Assign the right resources to work on each activity based on the skills needed to perform the work, resource availability and budget restrictions
4. Create time estimates for each activity; accuracy dependent on need and capabilities of the estimator
5. Build the project schedule and understand and identify the critical path, critical chain, and available slack for each activity
6. Perform resource leveling to ensure a workable schedule and maximize worker productivity
7. Assign costs for all resources throughout the project schedule
8. Build and finalize the initial project budget (including all elements of the budget) which will establish your project baseline
9. Obtain sponsor approval to proceed
francis1897 answered the question on March 14, 2023 at 08:31

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