Different Types Of Cost Estimates -How To Choose The Best For Your project
As per PMBOK(Project Management Body Of Knowledge) there are many types of cost estimates like parametric, analogous, bottom-up estimating, expert judgement, reserve analysis, three-point estimating, cost of quality and vendor bid analysis. It highly depends on the Project and the resources, material, man days, machine and intellectual property it is going to consume. If your actuals are good and reliable they are as good as parametric or expert judgment. People generally use “actuals” which they can validate against the SOW (Statement Of Work) and execution. Characteristics of a good estimate: Must be supported by the assumptions made by the estimators. […]
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