I'm very new to the whole Project Management world, so this question may be at the beginners level, anywho:
What is the Budget Cost compared to the full Cost of the Project?, based on the research I have gathered that Budget Cost is the project financial allocations or estimates the project is expected to meet; so am I being told here that the Project Budget is what the Project Manager sets up at the beginning of the project to calculate how much of the full actual of the project price will actually be needed to completion of the project?, if so doesn't this seem a bit close to the EAC (Estimate At Completion) definition? as they are both being estimated..
Moving on, the way that Budget cost is calculated is as follows:
Budget = Opportunity Value ($) – Contingency Value ($) – Value Pricing ($)
Now I have no idea what that means, as in What is a Contingency Value and Value Pricing?, I'm guessing that Opportunity Value is in fact the project cost..
All in all, I really would like to understand what Budget Cost actually means compared to EAC and the Opportunity Cost for example and who is responsible for calculating it?