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?
Which cost categories are being recognized?
- Labor costs
- Material costs
- Travel costs
- Supplies costs
- Hardware costs
- Software costs
- Special categories
What is important when covering costs for risks?
- Higher grades + faster learning
- Never study anything twice
- 100% sure, 100% understanding
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
What do we mean with the supporting detail of estimates?
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
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
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