GMS 450 Chapter Notes - Chapter 4: Project A, Health Insurance Portability And Accountability Act, Failure Mode And Effects Analysis
23 Apr 2013
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A budget must be developed in order to obtain the resources needed to accomplish the project"s objectives. A budget is simply a plan for allocating organizational resources to the project activities. Also has another purpose: it ties the project to the organization"s aim and objectives through organizational policy. Once the budget is developed, it acts as a tool for upper management to monitor and guide the project. Budgeting is simply the process of forecasting what resources what resources the project will require, what quantities of each will be needed, when they will be needed and how much they will cost. See table 4-1 and 4-2 for reference. Budgeting a project such as the development of a control system for a new computer, however, is often more difficult than budgeting more routine activities. Organizational tradition also impacts project budgeting every firm has its ethical codes e. g. sarbanes-oxley act (sox) and health insurance portability and accountability act (hipaa)
