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Practice Standard for Project Estimating by Project Management Institute

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CHAPTER 2

PRINCIPLES AND CONCEPTS

Chapter 2 outlines the foundational principles and concepts of project estimating. This includes key principles such as defining the scope, roles, and stages of project estimating. The chapter will also highlight important considerations such as the causes of estimating variances, characteristics of a good estimate, and industry differences around project estimating.

This chapter includes the following sections:

2.1 Introduction

2.2 Scope of Project Estimating

2.3 Estimating Roles

2.4 Estimating Life Cycle Stages

2.5 Evolving Estimates

2.6 Use of Metrics

2.7 Causes of Estimating Variances

2.8 Characteristics of a Good Estimate

2.9 Industry Differences

2.10 Summary

2.1 Introduction

This chapter introduces the ...

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