Book Image

CompTIA Project+ Study Guide: Exam PK0-004 - Second Edition

By : Kim Heldman
Book Image

CompTIA Project+ Study Guide: Exam PK0-004 - Second Edition

By: Kim Heldman

Overview of this book

The CompTIA Project+ Study Guide, Second Edition is your comprehensive resource for taking Exam PK0-004. With 100% coverage of all exam objectives, this book gives you everything you need to approach the exam with confidence. Detailed explanations and superior study tools cover and reinforce setup, initiation, planning, execution, delivery, change, control, communication, and closure, and the author Kim Heldman's twenty-five years of project management experience provide deep insight into real-world applications. The book contains detailed explanations and superior study tools that cover and reinforce all the exam objectives. You’ll begin by tackling questions related to pre-project setup and project initiation. Then you’ll solve questions about creating a project charter and planning it. You’ll also take questions about developing schedules and budgets and project execution. The later chapters provide questions on managing change, control, and communication. Finally, you’ll be given questions on project closure. By the end of the book, you’ll have the knowledge you need to be confident on exam day.
Table of Contents (17 chapters)
Free Chapter
About the Author

Creating the Project Budget

When you have the cost estimates completed, it’s time to prepare the budget. Budgeting is the process of aggregating all the cost estimates and establishing a cost baseline for the project. The cost baseline is the total expected cost for the project. Once approved, it’s used throughout the remainder of the project to measure the overall cost performance.

The project budget is used to track the actual expenses incurred against the estimates. You’ll look at tracking and reporting expenses more closely in the “Expenditure Tracking and Reporting” section later in this chapter.

Before learning about the mechanics of the budget itself, you should make sure you have an understanding of the processes within your organization regarding budgets, authority levels, how expenses are approved, and more. Here are a few questions you can use to help get you started:

  • Are all project expenses submitted to the project manager for approval...