7.1. Determining the Project Costs (PMBOK 7.1)

One of the first questions a project manager is likely to be asked when a project is launched is, "How much to finish?" That question can only be answered through progressive elaboration. In order to answer the question, the project manager, or the project estimator as the case may be, first needs to examine the costs of the resources needed to complete each activity in the project. Resources, of course, are people, but also things: equipment, material, training, even pizza if the project demands it.

On top of the cost of the resources, there's also all the variances that must be considered: project risks, fluctuations in the cost of materials, the appropriate human resources for each activity, ...

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