Purchase Solution

Estimating Project Time and Cost

Not what you're looking for?

Ask Custom Question

Discuss the techniques that companies are using today for estimating time and cost in their projects.

Purchase this Solution
Solution Summary

This detailed solution discusses techniques that organizations used to estimate time and cost in their projects in 531 words with a reference.

Solution Preview

Companies use various techniques to estimate time and cost in their projects. The techniques used are determined in part by the amount of detail the company has in regards to the project. Early cost estimates are generally determined based upon the project scope, the basic approach, and general assumptions. The Project Management Institute calls this an "order of magnitude cost estimate" (Kemp, 2012). For the most part this estimate is based upon past experiences and general assumptions. It is not entirely accurate but it gives a ballpark figure of the projected time and cost of the project. This technique gives clients a range to expect. However, most clients demand much more concrete information, since actual dollars and time will be involved.

The next technique used is breaking the project into big pieces, and then estimating ...

Solution provided by:
Sally Baldwin, Ed.D
Education
  • BA, University of Southern California
  • MSS, United States Sports Academy
  • Ed.D, Boise State University
Recent Feedback
  • "Thk u"
  • "Thank you!:)"
  • "Thank you!:)"
  • "Thank you!:)"
  • "Thank you!:)"
Purchase this Solution
Free BrainMass Quizzes
Accounting: Statement of Cash flows

This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.

Marketing Management Philosophies Quiz

A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.

Marketing Research and Forecasting

The following quiz will assess your ability to identify steps in the marketing research process. Understanding this information will provide fundamental knowledge related to marketing research.

Change and Resistance within Organizations

This quiz intended to help students understand change and resistance in organizations

Organizational Behavior (OB)

The organizational behavior (OB) quiz will help you better understand organizational behavior through the lens of managers including workforce diversity.

View More Free Quizzes
Related BrainMass Solutions

  • Project Management - Cost and Time Methods

    508322 Project Management - Cost and Time Methods As a project manager, discuss the cost and time methods you would chose to work with and why you believe these are the best. What methods would you not want to work with and why?

  • Charts and Time Management

    The top-down estimate is best if the project must meet a deadline at all cost. Charts and time management are examined. The differences between bottom-up and top-down estimating approaches are determined.

  • Project Scope, Time, Cost, and Quality

    Process change management (get better processes) - Estimating curve - Process diagram Thanks for using BrainMass. Project scope, time, cost, and quality for Capability Maturity Model are used in software development.

  • Schedule and Cost Control Techniques

    292787 Schedule and Cost Control Techniques There are various ways of forecasting the schedule and cost of a project. You know that forecasting techniques you use and their accuracy will affect the CIO's perspective on your work.

  • Project time estimatiion

    656487 Project time estimatiion Estimating project times and costs describe these methodologies.

  • estimated cost

    : 40% of 600,000 or 240,000 Programming: 20% of 600,000 or 120,000 In-house testing: 40% of 600,000 or 240,000 Some of the inherent weaknesses in this estimating approach: Time and cost consideratiors for specific tasks are not considered

  • Accurate Cost Estimates for Software Development

    This can result in accurate estimates over time, but requires time and commitment to develop the repository of valid project data.

  • Estimating Project Effort

    Discuss why it is so important to estimate projects correctly, and why overestimating projects can be just as detrimental as underestimating them. Accurately estimating the cost of a project is the ultimate planning foundation for any project.

  • Pitfalls in Cost Estimating

    494942 Pitfalls in Cost Estimating What are some of the pitfalls in cost estimating? What steps can a project manager take to address potential cost overruns? What steps can a project manager take to make controlling costs easier?

View More Related Solutions