There are two steps in the project budgeting process and the first step is to allocate the estimated project cost to the various work packages in the project work breakdown structure. The second step of the project budgeting process is to distribute the budget for each work package over the duration of the work package.
It is very hard to accurately estimate the costs for all activities at the beginning of a certain project. At the beginning of the project, we can estimate the costs for near-term activities and we can estimate costs more clearer as the project progresses. To do project budgeting, we have to allocate the estimated project cost to the work packages in the project work breakdown structure first. Then, we can distribute the budget for each work over the duration of each work package.
Learn more about recurring expenses on the budgeting process at https://brainly.com/question/23601980
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