Websites
for Estimating Cost and Allocating Resources for Projects
This article is an easy
read on how to estimate the cost of project management activities. It has a “verbal” flowchart design. It describes the most basic form of cost
estimation called Analogy Estimation and the conditions that are most
appropriate for using this method. (Collet, 2013) If your conditions are not conducive for this
method, a decision should be made to continue to the next stage in the “verbal”
chart. The Parametric Cost Estimating
(PCE) method helps one understand the cost drivers of a project. In the PCE practice, cost drivers are divided
into categories and ranked according to complexity and risk. The ranks are then
translated into cost estimates. This
article was most useful for getting an understanding of how to categorize the
cost drivers and assign a rank to better estimate a cost for each
activity. This is a quick and easy read
worth reading.
This blog reminded me
of the four piece puzzle logos used a lot in the back in the 80’s.
This article describes
four common “pieces of the puzzle” (if you will) used to estimate cost in
project management. Each piece of the puzzle
represents a different method of cost estimation. The four tools briefly discussed are
Analogous Estimating, Parametric Estimating, Bottom-Up Estimating, and Three
Point Estimating. (Usmani, 2012) Each
puzzle piece describes when it is best used and the benefit it provides. This article is most useful for potentially
identifying which cost method to use for a project.
References
Collet, B. (2013, Sept. 1). Estimating the Cost of
Project Management. Retrieved Oct. 3, 2013, from
The.Project.Management.Hut:
http://www.pmhut.com/estimating-the-cost-of-project-management
Usmani,
F. (2012, June 30). 4 Tools to Estimate Cost in the Project Management.
Retrieved Oct. 3, 2013, from PM Study Circle:
http://pmstudycircle.com/2012/06/4-tools-to-estimate-costs-in-the-project-management/
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