Budget allows project managers to control project costs

A budget allows project managers to control project costs. The budget can vary greatly in structure depending on the size of the project. For a more accurate budget, pay special attention to all details of the project.

Create a time-phased budget for your example project using bottom-up estimating. Approximate rates for ones you cannot get. treat indirect costs.

Be sure to include direct labor costs for you and your teammates. Budget your costs at the starting salary you expect to receive when you graduate (or your current salary if you are employed). Divide your annual salary by 2080 hours and add 20% for fringe.

State all assumptions and constraints you have used when creating your budget.

State how confident you are in your estimates and what would make you more confident.

Give examples of known knowns and known unknowns on your project. Tell how you have budgeted for both of them as well as unknown unknowns.

The requirements below must be met for your paper to be accepted and graded:

Write between 750 – 1,250 words (approximately 3 – 5 pages) using Microsoft Word in APA style, see example below.

Use font size 12 and 1” margins.

Include cover page and reference page.

At least 80% of your paper must be original content/writing.

No more than 20% of your content/information may come from references.

Use at least three references from outside the course material, one reference must be from EBSCOhost. Text book, lectures, and other materials in the course may be used, but are not counted toward the three reference requirement.

Cite all reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) in the paper and list on a reference page in APA style.

References must come from sources such as, scholarly journals found in EBSCOhost, CNN, online newspapers such as, The Wall Street Journal, government websites, etc. Sources such as, Wikis, Yahoo Answers, eHow, blogs, etc. are not acceptable for academic writing.

A detailed explanation of how to cite a source using APA can be found here (link).