Project Estimation and Cost

Goals

Understanding Basics in Project Estimation

• Objective: Acquire a solid grasp of the fundamental concepts, approaches and vocabulary used for project estimation.
• Outcome: Students will be capable of describing different kinds of estimates (for example, preliminary, definitive ones) and knowing when to use them.

• Objective: Apply different estimation techniques, including analogous estimating, parametric estimating and three-point estimating.
• Outcome: Students will know how to choose an appropriate estimation approach according to project specifics and available data.

• Objective: Construct and use cost models so as to project as well as control expenses during the entire lifecycle of the project.
• Outcome: Students should have developed a cost model, including cost plus or fixed price models that they can apply within various real world scenarios.

• Objective: Identify as well as analyze risks affecting the price of a project, then develop ways of curbing them.
• Outcome: Students have learnt how to do risk assessment, including risk management strategies, in their cost forecasts.

• Objective: Understand how costs associated with projects are tracked, therefore ensuring they are in line with budgets defined by those in charge.
• Outcome: Students will be able to apply cost control techniques, such as earned value management (EVM) and variance analysis, to monitor and adjust project costs.

Prerequisites

• Basic knowledge of MS office.