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[2] A cost estimate is often needed to support evaluations of project feasibility or funding requirements in support of planning. A cost estimate is often used to establish a budget as the cost constraint for a project or operation. In project management, project cost management is a major functional division. Cost estimating is one of three ...
Sales budget – an estimate of future sales, often broken down into both units. It is used to create company and sales goals. Production budget – an estimate of the number of units that must be manufactured to meet the sales goals. The production budget also estimates the various costs involved with manufacturing those units, including labor ...
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.
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 ...
A basis of estimate is an analyzed and carefully calculated number that can be used for proposals, bidding on government contracts, and executing a project with a fully calculated budget. [2]
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A number of states have a two-year or three year budget (e.g.: Kentucky) while others have a one-year budget (e.g.: Massachusetts). In the table, the fiscal years column lists all of the fiscal years the budget covers and the budget and budget per capita columns show the total for all those years.
BCWS is the sum of the budget items for all work packages, planning packages, and overhead which was scheduled for the period, rather than the cost of the work actually performed. BCWP is also contrasted to Actual Cost of Work Performed (ACWP) which measures the actual amount spent rather than the budgeted estimates.