Question

When developing the project budget, it is useful to refer to the project schedule. what information does the project schedule provide?

O a list of identified requirements for deliverables effort
O estimates for completing deliverables
O documentation of costs related to similar deliverables
O a helpful reminder of planned project outcomes

Answer 1

The project schedule is critical in developing a project budget as it provides estimates of the effort required for deliverables, a detailed timeline of tasks, and the scheduling of resources, which is key to accurate financial planning.

Step-by-step explanation:

The project schedule provides multiple pieces of information that are invaluable when developing a project budget. Primarily, it offers a detailed timeline of tasks and milestones, which helps in identifying when resources will be needed throughout the project. Additionally, the project schedule displays the effort estimates for completing each deliverable. This allows for a more accurate prediction of labor costs and helps in the allocation of funds over the project duration.

By breaking down tasks and associating them with specific durations and resource needs, one can translate these into financial terms, leading to the development of a realistic and comprehensive budget. Costs can then be matched with the timeline, securing financial resources in preparation for each phase of the project. Thus, the project schedule ensures that budgeting is aligned with the actual workflow and timings, reducing the risk of cash flow issues.