The best indicator of a project’s success is to complete it within budget and by

The best indicator of a project’s success is to complete it within budget and by implementing good control processes. This week you will research and understand why the project budget is important and review key budgeting principles and processes. You will also learn techniques to measure project performance and simplify project control.
1. Read chapters 9 & 10 in your textbook. Chapter 9 will discuss the elements of a project budget and some common budget challenges that can greatly impact a project’s outcome. In chapter 10, you’ll switch from budgets to learning about management fundamentals and techniques for project control and some common project control challenges.
2. Research the Internet for project budget processes or cost planning and cost analysis tools. Also research the terms “cost management” or “Earned Value Management”. Save your links for the works cited section of your summary paper.
3. Summarize your understanding of your reading exercises and online research in brief a paper that focuses on the following elements.
Describe why it is necessary to develop a baseline budget for a project. List and describe also what items should be included when estimating activity costs.
Describe at least a couple of budget tools that can assist with making a budget.
Describe and explain the concept of Earned Value Management and how it applies to project control and budgets.
Explain some common budget and project control challenges that can occur in a project.
4. Use a word processing program and address your findings in a brief summary. Also, list all your resources in an Appendix titled “Works Cited” including your textbook. Upload the assignment as your last name_WK5 PM Summary.