Estimating cost

February 20, 2023February 20, 2023 Discipline: Business Finance - Operations Management

involves updating your project plan to cover the costs associated with your identified activities.

While not an official area of the assignment, it may help to identify resources and vendors needed to ensure your cost estimates are as accurate as possible. By placing resource against your work packages, you can get a clear visual of what each work package may cost.

You will use the project schedule you developed to estimate costs and then translate those costs into your project budget baseline.

Project budget baselines, typically include cost estimates that cover the following:

  1. Work package estimates
  2. Estimates for supplies or materials
  3. Estimates for vendors & procurement activity
  4. Estimates for risks or unknown project activity

For this assignment, please submit your schedule along with cost estimates against each activity that measures your best appraisal for that task. 

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