Estimating Costs and Arriving at Budget
Objectives
On completion of this chapter, you should be able to understand
- How to estimate the project budget
- How to use MS-Project for estimating the project budget
Once you understand the scope of the work and plan the schedule, the next logical step is to arrive at the cost of tasks and computing the budget. In this chapter, we shall discuss key project management processes related to cost, namely, estimating and budgeting. Cost is a key constraint in most of the projects and it is important that the project is completed within the approved budget to keep the cost of the resultant product or service competitive.
Estimating costs is the process of approximating financial resources needed ...
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