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What elements need to be considered in developing a cost estimation for a project?
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What elements need to be considered in developing a cost estimation for a project?
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What elements need to be considered in developing a cost estimation for a project?
When given the task to develop a cost estimation package, the estimator must first establish the following.
?a description of the purpose of the package (i.e. what type of estimate is required: planning, feasibility, Title I, Title II, etc.);
?a description of the technical scope; and
?a schedule or timeframe for the project.Once these are established or developed by the estimator as an assumption, the preparation of the cost estimation package may begin.If developing a revision to an existing package, the estimator must also obtain the complete cost estimation package from the previous estimate.
Technical Scope:
The technical scope should include all requirements for the project or program. It should include the following information:
?detailed description of work to be performed;
?work not included in the scope;
?description of regulatory drivers;
?deliverables;
? any constraints or special conditions;
? sequence of events and any interdependencies;
? milestones;? work breakdown structure (WBS); and
? code of accounts (COA).
The above items should be provided to the estimator by the program/project manager or the estimator may assist in their development.
Once the technical scope information is available, the estimator can start developing the estimate. As the estimate is developed, the estimator should keep well-organized worksheets and documentation.
Key steps in project cost estimate:
1.Determine Estimate Basis In this activity, ...
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- BCom, SGTB Khalsa College, University of Delhi
- MBA, Rochester Institute of Technology
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