¶ … start, budget at completion equals estimate at completion -- but that can change.
Certainly what the original budget estimates reflect are not set in stone, so yes the final cost of the project can be different from the original estimate. The Budget at Completion (BAC) is the sum of all budget values that were set up when the project was being designed. The BAC is "the total planned value of the project" (project-management-knowledge.com). Each of the items that are part of the projection are " ... assigned a cost," and that cost is expected to remain the same and when added up, weighed against the "pre-determined budget for the project" (project-management-knowledge.com - pmk).
First of all, the project has to be carefully thought out, and the estimate to complete (ETC) is a considerable process that includes -- according to the Project Management Institute (PMI, 200) -- developing "an approximation of the monetary resources" that will be required to complete the project. There are inputs, tools, and outputs that are part of the estimate of costs, which are basically a prediction of what the final project will cost; taken into consideration are " ... costing alternatives" that will be needed to "initiate and complete...
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