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Cost overrun This is the actual cost that exceeds the estimated cost in the budget, also known as a cost increase or budget overrun. Here’s how EVM can be applied over the course of a project’s duration. Estimation In a project context, estimation is the way to make accurate budgets or timelines for a project.
Activity: A distinct, identifiable portion of work done during the course of a project. Authorization Points: Specific points during the course of a project at which the sponsor reviews the business case and approves the project onwards. Budget : The sum total of all the money allocated for a project.
CON: Due to its flexibility, the Adaptive Framework may lead to project delays or increased budgets. CON: Timelines and budgets are difficult to define, and stakeholders must have the time and desire to be actively involved in the day-to-day work. You deliver a CRM with those features on time and within budget. Success, right?
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