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,...
This blog post is also from our upcoming book, Redefining the Basics of Project Management, scheduled for second quarter 2014. We publish this chapter in two parts. Project Estimates across the Project Life Span In the previous article, we discussed the three estimate classification, which we also show on this illustration. Summary of the Three Estimates...
This blog post is also from our upcoming book, Redefining the Basics of Project Management, scheduled for second quarter 2014. We publish this chapter in two parts. Project Estimates across the Project Life Span In the previous chapter[1], we identified two major funds approval and three budgeting points. We also stated that an input to the...
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...
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