project management glossary

budget element

 Budget elements are the same as resources i.e. the people, materials, or other entities needed to do the work. Budget elements can be validated against a Resource Breakdown Structure (RBS). They are typically assigned to a work package, but can also be defined at the cost account level.

 The resources i.e. the people, materials, or other entities needed to do the work of the program. For example, engineer, technician, travel, and pipe can all be budget elements. These budget elements can be validated against a Resource Breakdown Structure (RBS). Budget elements are typically assigned to a work package, but can also be defined at the cost account level.

budget estimate

 (Accuracy -10 to +25 %) An estimate prepared from flow sheets, layouts and equipment details. This is often required for the owner's budget system. These estimates are established on quantitative information, are a mixture of firm and unit prices for labor, material and equipment. These estimates establish the funds required and are used for obtaining approval for the project. Other terms used to identify a Budget Estimate include Appropriation, Control, Design, etc.

 See Estimate and Appropriation Estimate

budget presentation

 A formal representation of a project budget usually for purposes of obtaining approval to proceed.