PROJ 586 Class-Three main reasons that there are changes to a budget (and hence,

Question

PROJ 586

Class-Three main reasons that there are changes to a budget (and hence, changes to the overall budget) are: (1) errors the cost estimator made about how to achieve the tasks identified in the project plan; (2) An increased knowledge about the project's goal and deliverables causes changes to the way of thinking, leading to wholesale changes in the project; and (3) a new law, standard, or mandate occurs leading to a change in the way the project is carried out. Can you think of any other reasons why the baseline of the budget might need to be changed midstream of a project?

Explanation / Answer

Variance in project performance can be an additional factor that causes change in baseline budget. In such cases, the original baselines should be maintained for historical purposes.

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