{"id":5201,"date":"2023-02-27T02:24:39","date_gmt":"2023-02-27T02:24:39","guid":{"rendered":"https:\/\/course.oeru.org\/ipm103\/?page_id=5201"},"modified":"2023-02-27T02:24:39","modified_gmt":"2023-02-27T02:24:39","slug":"budget-management","status":"publish","type":"page","link":"https:\/\/course.oeru.org\/ipm103\/learning-pathways\/budget\/budget-management\/","title":{"rendered":"Budget management"},"content":{"rendered":"<div id=\"content\" class=\"mw-body container\" role=\"main\">\n<div class=\"row\">\n<div class=\"col-md-12\">\n<div class=\"panel\">\n<div class=\"panel-body\">\n<div id=\"bodyContent\">\n<div id=\"mw-content-text\" lang=\"en\" dir=\"ltr\" class=\"mw-content-ltr\">\n<div class=\"thumb tright\">\n<div class=\"thumbinner thumbnail\" style=\"width:302px;\"><a href=\"https:\/\/wikieducator.org\/File:Accountant-female.jpg\" class=\"image\"><img loading=\"lazy\" decoding=\"async\" alt=\"\" src=\"\/\/wikieducator.org\/images\/thumb\/6\/6e\/Accountant-female.jpg\/300px-Accountant-female.jpg\" width=\"300\" height=\"199\" class=\"thumbimage img-responsive\"><\/a>  <\/p>\n<div class=\"thumbcaption\">Accountant<\/div>\n<\/div>\n<\/div>\n<p>This section covers how to identify when costs are varying from the budget and how to manage those variations.\n<\/p>\n<ul>\n<li> <b>Earned Value Analysis<\/b> &#8211; a method of periodically comparing the budgeted costs with the actual costs during the project.\n<\/li>\n<li> <b>Schedule Variance<\/b> &#8211; the difference between planned and actual progress.\n<\/li>\n<li> <b>Estimated Cost to Complete the Project<\/b> &#8211; a prediction, part way through the project, of how much money it will take to complete the unfinished activities.<br style=\"clear:both;\">\n<\/li>\n<\/ul>\n<div id=\"Reading\" class=\"panel iDevice\">\n\t<div class=\"panel-heading idevice-heading\">\n\t\t<div>\n\t\t\t<img decoding=\"async\" class=\"pedagogicalicon\" alt=\"reading\" src=\"https:\/\/course.oeru.org\/ipm103\/wp-content\/themes\/oeru_course\/idevices\/Icon_reading.png\">\n\t\t<\/div>\n\t\t<div>\n\t\t\t<h2>Reading<\/h2>\n\t\t<\/div>\n\t<\/div>\n\t<div class=\"panel-body\">\n\t\t<div class=\"col-md-12\">\n\t\t\t<\/p>\n<ol>\n<li> Read the the section <i>Managing the Budget<\/i> in the prescribed textbook (<a rel=\"nofollow\" class=\"external text\" href=\"https:\/\/opentextbc.ca\/projectmanagement\/Table-of-contents\/\">Web<\/a> | <a rel=\"nofollow\" class=\"external text\" href=\"https:\/\/opentextbc.ca\/projectmanagement\/open\/download?filename=Project-Management-1464292370&amp;type=pdf\">PDF<\/a>), Chapter 12 (pages 112-117 in the PDF version).\n<\/li>\n<li> Blog post: Think of an example from your own experience or professional context.\n<ul>\n<li> Complete an Earned Value Analysis, including the Schedule Variance (SV) and Cost Variance (CV) for your own example, and calculate the estimate to complete (ETC) assuming this variance continues.\n<\/li>\n<li> Why is this information important for you to know?\n<\/li>\n<li> What action(s) might you need to take?\n<\/li>\n<\/ul>\n<\/li>\n<li> Remember to tag or label your post using the course code: IPM103 (This is needed to harvest a link to your blog post in the course feed.)\n<\/li>\n<li> <!-- WEtheme eyJwIjoiT0VSZiIsImNzcyI6ImNzc1wvZm9udC1hd2Vzb21lXC9jc3NcL2ZvbnQtYXdlc29tZS5taW4uY3NzIiwiaGVhZGVyIjoiYmx1ci5odG1sIn0= -->If you haven&#8217;t already done so, register the published URL (not the one used for editing) of your course blog by clicking on the <i class=\"fa fa-user\"><\/i> graphic above.\n<\/li>\n<li> Provide substantive, relevant comments on two other course participants&#8217; blog posts. A substantive comment is at least four sentences that evidence your knowledge and experience in relation to another person&#8217;s post\n<\/li>\n<\/ol>\n<p>\n<\/p>\n<p>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n<p><!-- \nNewPP limit report\nCPU time usage: 0.039 seconds\nReal time usage: 0.045 seconds\nPreprocessor visited node count: 129\/1000000\nPreprocessor generated node count: 854\/1000000\nPost\u2010expand include size: 4852\/2097152 bytes\nTemplate argument size: 2605\/2097152 bytes\nHighest expansion depth: 7\/40\nExpensive parser function count: 0\/100\n--><\/p>\n<p><!-- Saved in parser cache with key we_en-mw_:pcache:idhash:178417-0!*!*!*!*!2!* and timestamp 20230227022247 and revision id 1016795\n -->\n<\/div>\n<div class=\"visualClear\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"row\">\n<div class=\"col-md-12\">\n<ul class=\"pager\">\n<li class=\"previous\">\n            <a href=\"\/ipm103\/learning-pathways\/budget\/estimating-methods-quiz\">\u2190 Previous<\/a>\n          <\/li>\n<li class=\"next\">\n            <a href=\"\/ipm103\/learning-pathways\/budget\/more-about-earned-value-and-planned-value\">Next \u2192<\/a>\n          <\/li>\n<\/ul><\/div>\n<\/p><\/div>\n<div id=\"wenote-ids\"><script type='text\/javascript' id='wenotes-ids'>\n    var WEnotesSite = \"https:\/\/wikieducator.org\";\n    var WEnotesPath = \"\/Introduction_to_project_management\/IPM103\/Budget\/Managing\";\n    var WEnotesSiteID = \"0e3d258fbd36841f92259eefcd41d5e9\";\n    var WEnotesPathID = \"a39e0393ef168dd08ddfd09a06d56d18\";\n    var WEnotesIDs = { site: \"https:\/\/wikieducator.org\", path: \"\/Introduction_to_project_management\/IPM103\/Budget\/Managing\", site_id: \"0e3d258fbd36841f92259eefcd41d5e9\", path_id: \"a39e0393ef168dd08ddfd09a06d56d18\" };\n<\/script><\/div>\n<\/div>\n<footer><\/footer>\n","protected":false},"excerpt":{"rendered":"<p>Accountant This section covers how to identify when costs are varying from the budget and how to manage those variations. Earned Value Analysis &#8211; a method of periodically comparing the budgeted costs with the actual costs during the project. Schedule Variance &#8211; the difference between planned and actual progress. Estimated Cost to Complete the Project [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":5191,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-5201","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/course.oeru.org\/ipm103\/wp-json\/wp\/v2\/pages\/5201","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/course.oeru.org\/ipm103\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/course.oeru.org\/ipm103\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/ipm103\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/ipm103\/wp-json\/wp\/v2\/comments?post=5201"}],"version-history":[{"count":1,"href":"https:\/\/course.oeru.org\/ipm103\/wp-json\/wp\/v2\/pages\/5201\/revisions"}],"predecessor-version":[{"id":5202,"href":"https:\/\/course.oeru.org\/ipm103\/wp-json\/wp\/v2\/pages\/5201\/revisions\/5202"}],"up":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/ipm103\/wp-json\/wp\/v2\/pages\/5191"}],"wp:attachment":[{"href":"https:\/\/course.oeru.org\/ipm103\/wp-json\/wp\/v2\/media?parent=5201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}