Project Cost Estimating Tools & Techniques
Project Cost Estimating Tools & Techniques Project cost estimating scares a lot of people. They don't know how much something will cost, but they know whatever value they give, they will be held to it by their manager. The challenge with estimating is that it always involves some uncertainty. Some of the factors that contribute to this uncertainty include... Experience with Similar Projects: The less experience you have with similar projects, the greater the uncertainty. If you've managed similar projects, you will be able to better estimate the costs of the project. Planning Horizon: The longer the planning horizon, the greater the uncertainty. The planning horizon you are considering may be the whole project or just a certain phase. Either way, you will be able to better estimate costs for the time periods that are closer to the present. Project Duration: The longer the project, the greater the uncertainty. This is similar to planning horizon in the sense th...