15 - Budget Management Flashcards
1
Q
What is budget management
A
cost estimate
Agree budget
Manage forecast and actuals
2
Q
Benefits of budget management
A
Estimate Business Case Baseline Change management Reporting (Accuracy)
3
Q
Committed spending
A
Legally bound
Not yet spent
4
Q
Accrual
A
Spent
Not yet invoiced
5
Q
Actual
A
Spent
Invoiced
Paid
6
Q
Forecast
A
Predicted outgoings
7
Q
Cash flow
A
Money in
Money out
8
Q
Four types of cost
A
Fixed
Variable
Direct
Indirect
9
Q
Discuss costs in an iterative rather than linear life cycle
A
Released more regularly
Subject to greater change
