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The Project Management Question and Answer Book by Marina N. GRASHINA, Michael W. NEWELL

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3Project Estimating

What is a project estimate?

In order to run the project we must know how long things take, how much they will cost, and what kind of resources will be required. The only way we can get this data is by doing good estimates. Without good estimates we have no way of knowing where we are at any point in the project, and we have no way of predicting how much the project will cost or how long it will take to do it.

An estimate is the determination of a likely quantitative result. There are two major things that we estimate in a project; one is the cost of the project or the money that will have to be spent to produce it. The second is the time that the project will take to be completed. Whenever we are doing project estimates, we ...

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