Practice Standard for Project Estimating - Second Edition

5

MANAGE ESTIMATES

The objective of the Manage Estimates stage is to outline the fundamental inputs, activities, and outputs about managing estimates appropriately throughout the life cycles of portfolios, programs, and projects. This section also describes an approach to managing estimates from initial estimates to completed portfolios, programs, and projects based on the consumption of actual time and cost in relation to the completed work. The ability to reforecast remaining cost and time in relation to required efforts to complete remaining work is also described.

Managing the estimates of costs, effort, time, and resources is an intricate and interdependent exercise. As planned resources are consumed, the actual values are documented and ...