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Of course, marketing and selling budgets can also be viewed as investments in acquiring and maintaining customers. From either perspective, however, it is useful to distinguish between fixed marketing costs and variable marketing costs. That is, managers must recognize which marketing costs will hold steady, and which will change with sales.
A cost estimate is the approximation of the cost of a program, project, or operation. The cost estimate is the product of the cost estimating process. The cost estimate has a single total value and may have identifiable component values. A problem with a cost overrun can be avoided with a credible, reliable, and accurate cost estimate. A cost ...
Marketing budget – an estimate of the funds needed for promotion, advertising, and public relations in order to market the product or service. Project budget – a prediction of the costs associated with a particular company project. These costs include labour, materials, and other related expenses.
A fixed budget and a static budget are the same thing. Unlike flexible budgets, static or fixed budgets predict income and expenses in advance. Income is anticipated to stay the same and as a ...
Further, they develop an operational definition: A "budget" is a plan for the accomplishment of programs related to objectives and goals within a definite time period, including an estimate of resources required, together with an estimate of resources available, usually compared with one or more past periods and showing future requirements. [1]
An economic impact analysis attempts to measure or estimate the change in economic activity in a specified region, caused by a specific business, organization, policy, program, project, activity, or other economic event. [2] The study region can be a neighborhood, town, city, county, statistical area, state, country, continent, or the entire globe.
Basis of estimate (BOE) is a tool used in the field of project management by which members of the project team, usually estimators, project managers, or cost analysts, calculate the total cost of the project.
To illustrate the difference between the three terms, assume that a schedule contains a task "Test hardware" estimated to run from 1 January to 10 January and to cost $1000, and that this is a simple effort with no overhead or allocated costs. However on 5 January, halfway through the time allowed, the work is 30% complete and has spent $250.