CLASS

Let's discuss the project budget.

A project budget is developed using guidance from the project sponsor and the activities identified in the WBS during the planning phase of the project.

A budget is used to identify all costs to be applied to each activity, task, and sub$-$task, including but not limited to Team member salaries and bonuses, materials and equipment, Travel, training, overhead, and contingency costs. Refer to Chapter $19\mathrm{.}7$ para$1$ Project cost.

The project financials provided by the project sponsor during the Concept phase are used as an initial estimate as the project sponsor assesses your project against all other projects competing for funding.

What happens when the project budget does not meet the project sponsor's expectations?