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A Guide to the Project Management Body of Knowledge (PMBOK® Guide), Fifth Edition by Project Management Institute

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7.2 Estimate Costs

Estimate Costs is the process of developing an approximation of the monetary resources needed to complete project activities. The key benefit of this process is that it determines the amount of cost required to complete project work. The inputs, tools and techniques, and outputs of this process are depicted in Figure 7-4. Figure 7-5 depicts the data flow diagram of the process.

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Cost estimates are a prediction that is based on the information known at a given point in time. Cost estimates include the identification and consideration ...

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