Does not need to be very long just detailed enough to answer all questions. The text is the pdf that is attached.
The ability to plan an effective budget is critical to the understanding of planned and actual costs in a project. The only way to understand both schedule performance and the accuracy of the budget is to create a baseline. Use your text reading and the ProQuest article by Marcia Jedd to describe the linkage of a time phased approach to budgeting and the importance of a baseline for the project. How does this baseline enable measurement of project health? Respond to at least two of your classmates’ postings.
Answer preview
The time-phased approach is an important technique in project budgeting due to the many benefits associated with it. The most basic benefit can be summed as it helps the project manager to know exactly when money is anticipated to be spent on the project. Thus the link between time-phased approach and budgeting is providing a timeframe for the allocation of costs across projects activities as well as the projected time in which the budget is to be used up (Venkataraman, & Pinto, 2011). By this, it means that project managers will be able to allocate costs for project activities over the projected timeline where expenditures are planned to take place. In summary, time-phased approach units the project schedule with the project budget. It can also be noted that, with time-phased budgets, it is easy to monitor budget vs. actual cost control capabilities.(321words)