上游充通大粤 SHANGHAI JLAO TONG UNIVERSITY Project Budgeting Step 1:Allocating the Total Budgeted Cost Allocating total project costs for the various elements to the appropriate work packages will establish a total budgeted cost(TBC)for each work package. The approaches to establishing the TBC for each work package:top-down and bottom-up. When all budgets are summed,they cannot exceed the TBC.Step 1: Allocating the Total Budgeted Cost Allocating total project costs for the various elements to the appropriate work packages will establish a total budgeted cost (TBC) for each work package. The approaches to establishing the TBC for each work package: top-down and bottom-up. When all budgets are summed, they cannot exceed the TBC. Project Budgeting