Introducing Project Cost Management - Analyzing Cost Estimating Results

6 important questions on Introducing Project Cost Management - Analyzing Cost Estimating Results

What is the output of cost estimating?

The actual cost estimates of the resources required to complete the project work.
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Which cost categories are being recognized?

  • Labor costs
  • Material costs
  • Travel costs
  • Supplies costs
  • Hardware costs
  • Software costs
  • Special categories
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What is important when covering costs for risks?

That both the costs of the risk and the costs of the risk response are included in the cost estimates.
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What are there three categories that are recognized for estimating accuracy?

  • Rough order of magnitude (-25% to +75%) - rough
  • Budget estimate (-10% to 25%) - broad, used for top down
  • Definitive estimates (-5% to 10%) - most accurate
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What do we mean with the supporting detail of estimates?

That once the estimates have been completed the basis of the estimates also must be organized and documented to show how the estimates have been created.
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The supporting detail of estimates, what should these include?

  • Information on the project scope work
  • Information on the approach used to define cost estimates
  • Information on assumptions and constraints made to define cost estimates
  • Information ion the range of variance in the cost estimate
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