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7.2 Determine Budget The process of aggregating the estimated costs of the project activities or work packages to establish an authorized cost baseline. Simple Version: Add up all the estimated costs to create project total. |
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PMI |
Agile PMBOK, Agile Difference, Comment |
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Inputs Activity cost estimates Basis of estimates Scope baseline Project schedule Resource calendars Contracts Organizational process assets Tools and Techniques Cost aggregation Reserve analysis Expert judgement Historical relationships Funding limit reconciliation Outputs Cost performance baseline Project funding requirements Project document updates |
Inputs Activity cost estimates / Story Estimates Basis of estimates Scope baseline Project schedule Resource calendars Contracts Organizational process assets Tools and Techniques Cost aggregation Reserve analysis Expert judgement Historical relationships Funding limit reconciliation Outputs Cost performance baseline Project funding requirements Project document updates The process of adding all the individual component costs together to create an overall budget. Initially it is unlikely that all the candidate features or stories for the project will be identified. So merely adding the estimates for the known stories together will give an estimate that is unreasonably low. Initial estimates should be based more on traditional estimation approaches (like expert judgement, comparison to other systems, etc) or calculated from Timeboxed project burn projections if a fixed end date must be met. |
Leading a Team That’s Part Machine: 5) AI Agent Impacts on Project Management
This is the 5th and last installment in my series about Leading a Team that’s Part Machine. The earlier articles are available here: Introduction to the series and why the future will likely include hybrid human / AI teams What constitutes a real agent and how most current ‘agents’ lack the agency to act Agent frameworks, API tokens and local AI: the infrastructure that runs agents Agentic pipelines and orchestration: getting agents to do meaningful work beyond what GenAI tools can do for us today This article explores how to integrate AI Agents into regular teamwork and their likely impacts on the future of project management. To recap, I started my experiment by building AI agents 6 months ago to
