CHAPTER 6Estimating Activities
AT THIS POINT, YOU HAVE COMPLETED several key parts of project planning. You defined and bounded project scope, developed a project work breakdown structure, and built a network diagram that described the preferred sequence in which activities (work packages) would be performed. This chapter will teach you how to estimate the time, cost, labor resources, material costs, travel expenses, equipment rental, and other costs to accomplish each activity included in the work breakdown structure.
Estimates are predictions and have varying degrees of confidence. Predictions rest on assumptions and have associated probabilities of coming true. All estimates have some confidence and risk associated with them. Estimates are ...
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