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What Is Budget? – Budget is the quantification of resources needed to achieve a task by a set time, within which the task owners are required to work. Note: a budget consists of a financial and/or quantitative statement, prepared and approved prior to a defined period, for the purpose of attaining a given objective for that period. (The planned cost for an activity or project.)

For all Project Management Definitions, check the PMO and Project Management Dictionary by John Filicetti

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