In this article, the Lazy Leader takes a practical look at project schedule and cost estimation before explaining how to estimate project costs.
Project schedule and cost estimating are critical project management activities.
Among other things, the schedule tells the project manager how long it will take to complete the project (or any part of it.) It’s also the basis for preparing cost and resource plans.
But the problem with estimating is this: when formulating plans at the beginning of a project, there is usually insufficient information to estimate with any degree of accuracy.
In this article, we take a practical look at project schedule and cost estimations before explaining how to estimate project costs. The project manager faces many demands to know how long the project will take and how much the project will cost. What is more, the project sponsor will expect the project manager to meet publicized delivery dates, regardless of their legitimacy.
Since this guide covers a lot of ground and is a long read, you may want to check out the table of contents for some quick jumping around.