Why is forecasting different than planning a budget

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Reference no: EM133380559

Assignment:

a) With only a 23% probability of meeting their forecasted $2.2M budget, what range of costs could you present to your upper managers as a PM for the probable "range" that this project might cost? Review the reading assigned in this question (PMI, 2019, p.143). This is known as the "range of uncertainty".

b) Why is "forecasting" different than "planning" a budget? Explain in one paragraph limit so that a Risk Management could understand this method?

Reference no: EM133380559

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