Cost Estimation in Details. Part – 3: Project Cost Management
(Details will be added at a later time, now in short)
Cost Estimation in Short
When cost estimation is done?
After project scope is defined, and work breakdown structure is created.But may be performed again and again over the total life cycle
Tools
Analogous Estimating
Based on the similar actual projects
Bottom up estimating:
Estimate cost for each activity and sum them – time consuming
Parametric Estimating
1 mile road construction needs $400,000$. So 10 miles will require 10*400,000$.
Reserve Analysis
A buffer cost against slippage on the project
Cost of Quality
Costs required in order to get quality
Output
Activity Cost Estimates From: http://sitestree.com/?p=11498
Categories:PMP – Project Management
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Post Data:2017-10-17 16:08:29
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