Initiating phases or if starting the project

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Reference no: EM133645264

Question: Generally, these costs are shared among different teams, business units, or departments. Costs such as overheads and utilities are examples of costs. This is of the range -5% to 10%. When you are well into planning, you should be at the definitive range of the estimate. This is of the range -25% to 75%. This is a wide range that is used during the initiating phases or if starting the project when not much information is known. Reserves: This is money that you (as the project manager) have set aside for known risks (also referred to as known unknowns). Reserves: This is money that senior management sets aside for unknown risks on a project (also referred to as unknown unknowns). Also known as cost baseline, is the original baseline budget for the project. The plan documents procedures for managing cost.

Reference no: EM133645264

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