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Cost and Time Estimation on Projects with Few Details

As project manager, what would you do to estimate a project's time and costs when there are so many unknowns? How are they addressed at the beginning of the project? What steps are needed to do so?

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There are several strategies to estimate a project's timeline and costs, even though there are so many unknowns.

For project costs, the estimation starts with looking into direct and indirect costs. The direct costs include such things as project team salaries, specific materials or supplies needed for the project, any travel that might be needed during the project, and contractor amounts needed to complete the project work (Portny, 2012). Some indirect costs are overhead costs such as employee benefits, office space rental and general supplies. It also includes general and administrative costs such as fees for general accounting and legal services ...

Solution Summary

Cost and time estimation happens at the beginning phases of a project. This post provides detailed steps as to how to estimate cost and time when little is known about the details of a project. [Over 350 words and 2 references]