In project management, which term refers to the planned budget for a project?

The term that refers to the planned budget for a project is the Authorized Budget. This is the budget that has been formally approved and allocated to a project's specific tasks and resources. It encompasses all expected costs and serves as a benchmark against which the actual spending can be measured throughout the project lifecycle.

The Authorized Budget is crucial as it ensures that everyone involved in the project is aware of the financial limits and expectations, enabling effective management and control of project expenses. Moreover, it is used for decision-making and financial reporting within the project framework.

While other terms like the Actual Budget, Forecasted Budget, and Projected Budget may also play roles in financial aspects of project management, they do not specifically denote the budget that has received formal approval for use in the project. The Actual Budget tracks what has been spent, the Forecasted Budget provides estimates of future costs, and the Projected Budget may refer to anticipated budget adjustments, but none of these capture the definitive financial plan that the Authorized Budget represents.