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What is the meaning of Funding Limit Reconciliation ?

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Tam Nguyen Annandale, Va, United States
What is the meaning of Funding Limit Reconciliation?
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Tam Nguyen Annandale, Va, United States
Jul 07, 2017 2:31 PM
Replying to Dr Satya Narayana Vakkapatla
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it is the aggregation of the estimated costs of individual tasks to establish a cost baseline and part of the planning process group that allows the stakeholders to determine the cost of the entire project.
Thank you for your answer, I mean How we use Funding limit Reconciliation
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Dr Satya Narayana Vakkapatla Sr Fintech Strategic Advisor| UAE Govt Abu Dhabi, United Arab Emirates
Jul 07, 2017 2:31 PM
Replying to Dr Satya Narayana Vakkapatla
...
it is the aggregation of the estimated costs of individual tasks to establish a cost baseline and part of the planning process group that allows the stakeholders to determine the cost of the entire project.
Dear Tam ,

compare the planned expenditure of project funds against any limits on the commitment of funds for the project to identify any variances between the funding limits and the planned expenditures.
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Tam Nguyen Annandale, Va, United States
Jul 07, 2017 2:31 PM
Replying to Dr Satya Narayana Vakkapatla
...
it is the aggregation of the estimated costs of individual tasks to establish a cost baseline and part of the planning process group that allows the stakeholders to determine the cost of the entire project.
Wonderful explanation. So much appreciate Veera
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Anonymous
Jul 07, 2017 2:31 PM
Replying to Dr Satya Narayana Vakkapatla
...
it is the aggregation of the estimated costs of individual tasks to establish a cost baseline and part of the planning process group that allows the stakeholders to determine the cost of the entire project.
Veera

1. You explained estimating and total cost but the question is about "funding limit reconciliation"
2. How many estimates do you along the project life cycle?
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Anonymous
Jul 07, 2017 2:37 PM
Replying to Tam Nguyen
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I mean How we use Funding Limit Rconciliation? Thank you
Tam,

I have been in project management for over 30 years and never heard the term "funding limit reconciliation"

The word reconciliation in project management and accounting typically means comparing two things - like reconciling actual cost to planned cost --- or comparing your checkbook against the bank statement.

Funding Limit - means the limit on the funding amount. Could mean that we only have $10M to fund this project - this is s a limit. It could also mean you can exceed the budget by 10% to reach a funding limit.

This is why we need a full sentence or paragraph on how this term is used to really know the meaning. Otherwise, we are just giving you definitions and this is confusing and will not give you proper understanding.
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Dr Satya Narayana Vakkapatla Sr Fintech Strategic Advisor| UAE Govt Abu Dhabi, United Arab Emirates
Jul 07, 2017 2:31 PM
Replying to Dr Satya Narayana Vakkapatla
...
it is the aggregation of the estimated costs of individual tasks to establish a cost baseline and part of the planning process group that allows the stakeholders to determine the cost of the entire project.
Dear Mounir Ajam ,

Impressive ,

A variance between the funding limits and the expenditures will sometimes necessitate the rescheduling of work to level out the load of required expenditures, which is accomplished by placing imposed date constraints for some work packages, schedule milestones, or WBS components into the project schedule. Rescheduling can impact the allocation of resources. The final product of these planning iterations will be a cost performance baseline.
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