What is the difference between cost estimating and cost budgeting?

1.	What is the difference between cost estimating and cost budgeting?
Answer» Knowledge Area: Project Resource Management Once the project execution begins, it will be important to clearly assign roles and responsibilities among the various team members. MULTIPLE people and stakeholders may be involved in every TASK. Hence clarity on who will be doing what is very important to ELIMINATE all kinds of ambiguity. RACI is a matrix based responsibility ASSIGNMENT chart for the above purpose. The possible roles include “responsible”, “accountable”, “CONSULT”, and “inform” as per this chart. RACI charts are used extensively as this is one of the most popular matrix based responsibility chart. For more detailed understanding, please refer: Raci chart tool

Answer»

Knowledge Area: Project Resource Management

Once the project execution begins, it will be important to clearly assign roles and responsibilities among the various team members. MULTIPLE people and stakeholders may be involved in every TASK. Hence clarity on who will be doing what is very important to ELIMINATE all kinds of ambiguity.

RACI is a matrix based responsibility ASSIGNMENT chart for the above purpose. The possible roles include “responsible”, “accountable”, “CONSULT”, and “inform” as per this chart. RACI charts are used extensively as this is one of the most popular matrix based responsibility chart.

For more detailed understanding, please refer: Raci chart tool

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