Cost Estimation Term Paper

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¶ … estimation for a project?

To conduct an effective cost estimation of a project, first a project manager must estimate the size of the development product itself, based upon the customer's specification. Then, the project manager must estimate the effort in person per month or person per hours of effort required to complete the project. Next, given different staff member's availability and the constraints affecting the scheduling of critical staff members over the course of the project timetable, the manager must construct an estimated time schedule in calendar months or weeks. Then, finally a holistic estimate of the overall project cost can be determined. (Peters, 2006, p1.)

Estimating the size and the scope of the project requires a formal description of the system's specification. If the manager has worked on a similar project in the past, this can be helpful in estimating the costs of the new project. The project itself, of course, is only one component of the estimation. The human cost of labor or effort is… [END OF PREVIEW] . . . READ MORE

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Cost Estimation.  (2006, May 18).  Retrieved January 27, 2020, from https://www.essaytown.com/subjects/paper/cost-estimation/1067019

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"Cost Estimation."  Essaytown.com.  May 18, 2006.  Accessed January 27, 2020.
https://www.essaytown.com/subjects/paper/cost-estimation/1067019.