TAILIEUCHUNG - Lecture Project management in practice - Chapter 6: Estimating project, times and costs

After reading the material in this chapter, you should be able to: Understand that estimating can be carried out to differing levels of detail and accuracy, apply any number of estimating techniques to assist in scoping and planning a project, understand the concept of contingency versus padding. | CHAPTER 6 Estimating Project, Times and Costs Learning Elements Understand that estimating can be carried out to differing levels of detail and accuracy. Apply any number of estimating techniques to assist in scoping and planning a project. Understand the concept of contingency versus padding. RECAP. Leading on from Step 4. Estimating: Moving towards a draft budget and schedule The journey from WBS to estimating and the creation of the budget schedule and resource matrix ESTIMATING Estimates are needed to: Support good decisions Determine whether the project is worth doing Determine how long the project should take and its overall cost Schedule work Determine the resource required (human and other) Develop time-phased budgets (cash flow) Establish the project baseline Determine how well the project is progressing What is being estimated? Resources Durations Costs Estimating Guidelines for Time, Costs and Resources Consider: Responsibility Use several people to .

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