This is the process of developing an approximation of the monetary resources needed to complete project activities. This process determines the amount of cost required to complete project work.
All estimating can be tedious and time consuming. Once the WBS and the statement of work are complete, project teams can start to analyze different work packages and begin early stages of estimating. In early stages, estimates do not have to be as accurate as in later stages.
Estimate Costs: Inputs, Tools and Techniques, and Outputs. Reprinted from "A Guide to the Project Management Body of Knowledge (PMBOK Guide) 5th ed." by Project Management Institute, 2013, p.200. Copyright 2013 by PMI.Inc. Reprinted without permission.
1. Human Resource Management Plan (Input): This human resource management plan was homework from PMGT 501; which was then developed for the groups wedding project.
2. Tolstoy Project-Parametric Estimating (Tools and Techniques): This PMGT 501 homework assignment illustrates the tools and techniques of parametric estimating for project cost estimating.
3. Three-point estimating (Tools and Techniques):This was a homework assignment was taken from PMGT 613. It shows how PERT and the three-point estimating technique calculates probable durations.