The question that we address today is how to develop good cost estimates? We will present our views via four videos on cost estimating, that would address topics like, what are the components of a good estimate, what is the difference between estimating techniques and estimate classifications, and how to estimate contingency reserve. In addition, we will also highlight the relationship between scope definition, uncertainty, contingency, and estimate accuracy. One more statement/question here, do you realize that if the project manager is developing the cost estimate, that could be a conflict of interest?
You can probably claim 2 PDU for this article if you watch all of the videos. Assuming, you need PDUs.
This is the third article of a 3-part series on the money aspects for project risk management, including a discussion on estimating, budgeting, contingency and management reserve. In this article we discuss the response cost.
This is the second article of a 3-part series on the money aspects for project risk management, including a discussion on estimating, budgeting, contingency and management reserve. In this article we discuss the management cost.
It has been our observations that estimating is still more of guesswork rather than using proper techniques and leading practices. Estimating is also directly related to the project management maturity of an organization. In the general context, estimating refer to process of developing cost and time estimates – a time estimate is also called a schedule. In this article, we focus on cost estimating. Continue reading →