Step 1 Project Budget (Cost Management)

Explain your approach to estimating the project cost (e.g., top down, bottom up, etc.) and why that method was chosen.

Create a table that shows the original budgeted cost (from the charter) and the actual budgeted cost (side by side). Include line items for labor, materials, contract, equipment, travel cost, and so on. Use the costs you now have in your schedule to compare to your charter costs.

Compare the budget from the charter to the final budget, and explain any variances that occurred from your original budgeted cost in the project charter and the current project cost (include your original estimated cost for the project).

Explain your budget contingency plan and how much is budgeted for contingency.