Glossary

Bottom-Up Budgeting—A budgeting method that begins with those who will be doing the tasks estimating the resources needed. The advantage is more accurate estimates.

Learning Rate—The percentage of the previous worker hours per unit required for doubling the output. Planning-Programming-Budgeting-System (PPBS)—A system developed in the 1960s for dealing rationally with budgeting through maximization of the chances for attaining the organization's long-run goals. Program Budgeting—Aggregating income and expenditures by project or program, often in addition to aggregation by organizational unit or activity.

Top-Down Budgeting—A budgeting method that begins with top managers' estimates of the resources needed for a project. Its primary advantage is that the aggregate budget is typically quite accurate because ; no element has been left out. Individual elements, however, may be quite inaccurate. Variances—The pattern of deviations in costs and us-,; age used for exception reporting to management. Zero-Based Budgeting—A budgeting method from the = 1970s that was devised as an alternative to the mere-": mental approach. Every program budget had to be to-^ tally justified every budget cycle.

Project Management Made Easy

Project Management Made Easy

What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.

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