A Comprehensive Guide to Project Management Schedule and Cost Control: Methods and Models for Managing the Project Lifecycle

9. Cost Estimating

Introduction

The task of estimating cost for project activities is typically performed after the project deliverable has been broken down into its smallest components called work package activities and all work package activity information has been gathered. It is also beneficial for the work activities to be scheduled in a work breakdown structure so that sequencing and the connection of activities can be analyzed. It is important to define this information prior to cost estimating because specific work activity requirements and the relationship of work activity connections within a network might have an impact on cost estimates.

The project manager has the responsibility of structuring project activity costs and also monitoring, ...