Cost & Schedule Planning. The major goal of the planning effort is to develop an integrated project schedule and budget.
Schedule planning results in a schedule that describes the sequence of work and the logic necessary for successful project completion.
Cost planning begins with the development of a cost estimate for all authorized work that eventually leads to the establishment of the project budget.
Proper project planning ensures the amount of work to be accomplished, the time allotted to accomplish the project activities, and the resources required to complete the work scope are evenly balanced. Once the schedule and cost planning are concluded, the result is a time-phased project budget that is integrated into the project schedule. This resource loaded schedule and initial project budget are validated and approved as the Integrated Project Baseline which is signed off by all necessary Project Stakeholders as the Performance Measurement Baseline (PMB), a fundamental element of earned value management.
There are 4 main items in this phase: