Mastering Project Time Management, Cost Control, and Quality Management: Proven Methods for Controlling the Three Elements that Define Project Deliverables

9. Estimate Project Costs

9.1 Introduction

Once the cost management plan has been developed and documented, the project manager and project staff can begin the process of creating the project budget. The first step required in developing a project budget is to gather information regarding cost requirements throughout the project life cycle. The project manager must understand the importance of assessing all cost requirements. This is accomplished through the use of project management tools and techniques that have been industry tested to be efficient and effective.

The adage “the devil’s in the details” is true in developing project budgets because most project managers struggle to understand enough detail defining each work activity to ascertain ...