At this point, the team must establish the detailed project budget. Start with the work breakdown structure and then estimate, both from the bottom up and the top down, what the appropriate budget will be. Examine any discrepancies between the two budgets for errors, misunderstandings, or oversights. If any of the tasks are repetitious, use the learning curve to predict their cost by unit. If the task is mechanical, use a 75-80 percent rate; if more mental, use a 65-70 percent rate. Finally, describe how a PPBS and ZBB approach might apply to your project. >
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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.