11.2 PERT/Cost
Although PERT is an excellent method of monitoring and controlling project length, it does not consider another very important factor, project cost. PERT/Cost is a modification of PERT that allows a manager to plan, schedule, monitor, and control cost, as well as time.
We begin this section by investigating how costs can be planned and scheduled. Then we see how costs can be monitored and controlled.
Planning and Scheduling Project Costs: Budgeting Process
The overall approach in the budgeting process of a project is to determine how much is to be spent every week or month. This is accomplished as follows:
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