3.10. Estimate Costs

The purpose of the Estimate Costs process is to develop cost estimates for resources, both human and material, required for all schedule activities and the overall project. This includes weighing alternative options and examining risks and trade-offs. The cost-related processes are governed by the cost management plan, which establishes the format and conditions used to plan for project costs. It also outlines how you will estimate, budget, and control project costs.

Figure 3.20 shows the inputs, tools and techniques, and outputs of the Estimate Costs process.

NOTE

For more detailed information on the Estimate Costs process, see Chapter 5, "Developing the Project Budget," of PMP: Project Manager Professional Exam Study Guide, ...

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