American InterContinental University Unit 4 Budgeting Discussion In your own words, answer this unit’s discussion questions in a main post (recommended min

American InterContinental University Unit 4 Budgeting Discussion In your own words, answer this unit’s discussion questions in a main post (recommended minimum 300words), and respond to at least 2 peers’ postings (recommended minimum 75 words).

After you have reviewed the Assignment Details below, click the Discussion Board link under the My Work heading above to open the Discussion Board and make your post.

Assignment Details

This DB has two parts.

The cost component of a project must be carefully planned and managed throughout the life of a project. First, a budget must be established for the project. The selection of vendors involves a careful process of considering reputation, scope of work to be done, and time required to completion. Risks and uncertainty should be factored in to the plan. As the project progresses costs need to be monitored and controlled.

For projects in general, what are some of the considerations that must be factored when preparing a budget? What are some of the risks that must be considered in selecting vendors and dealing with unexpected external events? As the project progresses, what are some of the strategies for reducing unexpected costs?
Continuing with your personal project from weeks 2 and 3. Prepare a budget of all costs associated with the project. Discuss what factors and risks may affect the costs? What are some of the strategies you can implement to reduce unexpected costs?