How much detail should go into putting together a high level budget for a project charter?
For example, should I blindly accept the Suggested Budget for the Project before I even breakdown the tasks or the Planning Phase?
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1Welcome to PMSE! I've made some edits to clarify the question. Please do let me know if I missed the mark.– Mark PhillipsOct 29, 2014 at 20:46
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2 Answers
What is your alternative? The process of estimating is all about iterations, beginning with a rough order of magnitude that has a rather huge positive and negative variation. This value goes into the charter so you can get your project approved. But there should be no expectation that the value given there would not change as further iterations and estimating are conducted. The execution budget could be higher or lower than what was published in the charter.
answered Oct 28, 2014 at 20:52
I agree with David and would also say that (though I would hope the suggested budget was based on this information) you could look at similar projects to see what their final budget looked like. Also, if there is any Lessons Learned/Post-Mortem files look for budget related items for highlighting risk. (Plus any input that comes in as the Kick Off is prepared or after it is given)
The Suggested Budget would in my mind have to be based on something "semi-solid" I would think.
