SAB5#68_ESTIMATE_COSTS

SAB5#68_ESTIMATE_COSTS

1. Cost Management Plan

   • Developed in the Plan Cost Management documents the methods you'll use to estimate, as well as the level of accuracy required for estimates.

2. Project Schedule

   • You need an schedule before you can come up with the budget. This is a process of iterative planing.

3. Human Resource Management Plan

   • The project manager should have access to the rates paid to everyone who works in the project. Rates and rewards should be estimated.

4. OPAs

   • Information about past costs estimates, policies and standardized templates could help.

5. EFFs

   • Company culture, existing systems that the project will deal with or can use, market.

6. Risk Register

   • Knowing the risks might affect the project will help you know how much it will cost. It's an input but can also be an output because our choices related to estimating cost have associated risks.

7. Scope Baseline

   • The WBS will list all of the work packages that are in the scope of the project. Also, you can use the WBS dictionary.

8. Review concepts of Time Management

9. What costs should you estimate?

   • Costs of
     • Quality efforts
       • The project manager's time
     • Risk efforts
     • Project management activities
   • Costs directly associated with the project
   • Expenses for physical offices spaces used directly for the project
   • Profit, when applicable
   • Overhead costs
     • Management salaries
     • General office expenses

10. What type of cost are?

11. Expert judgement

12. Analogous estimating or top - down estimating

13. Parametric estimating

14. Button - up estimating

    • To do this well requires an accurate WBS. The estimates are rolled up into a control accounts and then into an overall  project estimate.

15. Three point estimate

16. Project management estimating software

17. Vendor bid analysis

18. Reserve analysis

    • There are two types: Contingency reserve and management reserve

19. Cost of quality

    • The cost of work added to the project to accommodate quality.

20. Group decision making techniques

    • Include brainstorming and Delphi techniques.

21. Accuracy

    • The accurate increase when we know more about the project.
    • Should be in a range
      • Rough order of magnitude (ROM)
        • Is usually made during project initiation, a typical range is -25% to +75% from the actual.
      • Budget estimate
        • Is usually made from project planning, and is in the range of -10% to +25% from actual.
      • Definitive estimate
        • As the project progress, the estimate become more refined. the range could be +/- 10% or -5% to +10% from actual.

22. Activity cost estimates

23. Basis of estimates

24. Project document updates

25. Process: Estimate costs Process Group: Planning Knowledge area: Cost Management

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