Project Cost Management-estimate costs

The estimated cost isComplete Project ActivitiesThe process of approximate estimation of required funds. Cost prediction made based on known information at a specific time point.

Rough Rom estimation of the number of items available in the startup phase

Input:

1. Scope reference: Scope statement, work breakdown structure, and work breakdown structure dictionary.
2. Project progress plan
3. Human resources plan
4. Risk Register
5. Business environment factors: market conditions, published commercial databases
6. Assets in the organizational process: Cost Estimation policies, cost estimation templates, historical information and lessons learned

Tools and technologies

1. Expert judgment
2. Analogy estimation: the parameters and indicators of the current project are estimated based on the parameter values and scale indicators of similar projects in the past.
3. Parameter Estimation: statistical relationship between historical data and other variables is used. Accuracy depends onParameter ModelMaturity andBasic DataReliability
4. Bottom-up Estimation
5. Three-point estimation: PERT (the most likely cost is cm, the most optimistic cost is CO and the most pessimistic cost is CP) Ce = [Co + 4 Cm + CP]/6
6. Reserve Analysis
7. Quality Cost
8. Project management estimation Software
9. Seller bidding Analysis

Output

1. Activity Cost Estimation: quantitative estimation of the costs that may be required to complete the project
2. Estimation Basis
3. Project File (update)