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yes, the project budget is approved by the Sponsor, the person authorised to sign the PO.
To understand, obser this activity from one level higher and from buyer side. In your case buyer is executing procurement management activity. Buyer add your final agreed proposal price to arive his project budget.
However from your side or seller side this is total money you will get from buyer after successful delivery of product or service as agreed. For seller thia includes their profit and other overheads. Further to execute this project from your side or seller side you need to finalise your project budget excluding profit and others and sane will be agreed by your top management or project sponsor. After the approval this is your approved budget for delivering product or service as agreed with buyer.
Hope I clarify you !!
whoever pays for the project will approve the budget, your quotation may not be the complete budget for the project it is your contract price for a set of predefined scope to deliver.
Inside the PMBOK, the input to the first process is an approved business case. Business case creation and approval is outside the project manager scope of work. It is a business analyst role accountability. You can go to the PMI´s documentation about business analysis to find it.
Project Sponsor approves the Project Budget.
Project Sponsor approves the Project Budget
@Truc, besides the academic component, answer is simple: who will pay for that? She/He is who will approve the budget.
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