Question

Develop the link between estimation, budget, variance, project and schedule.​

Answer 1

I can't understand please explain again

Answer 2

The terms Estimation, Budget, variance, project, the schedule are interconnected.

Explanation:

The schedule is an important tool to determine whether the projects and activities are completed and milestones are achieved. The budget provides a view of how much the project is estimated to cost both from a total and a periodic perspective. It is a combination of the cost estimates and the project schedule. A project manager should know if the project is on schedule and within the budget. Variance is the difference between planned and actual progress.

⇒  The link between estimated, budget, variance, project and schedule can be established on the basis of business plan.

• Entire financial efficiency and potential to cover project deadlines as per the plan determines the project success.
• Firm needs to be aware if the project is on schedule and within stipulated budget. Next, the variance is the difference between expected and real development which must be considered.
• If the project receives lesser variance value than predicted, then it is behind the schedule and changes shall be made to arrive at proper schedule.