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Cost estimating

You are here: InLoox Project management glossary Cost estimating

Cost estimating is an assessment of the resource costs of a project. The qualitative project calculation must include the project process for better project control. The cost estimating is valued during the whole project. The cost estimation must be verified with the of interim analysis before starting a project to enable the cost-benefit analysis. The precise valuations are required during the project. The final cost estimating must be performed, when the project price is arranged. The actual project effort is not clear on the earliest project stages and there is no sense to make the precise cost estimating as it is necessary in the latest project stages.

There are some universal methods of the cost estimating that ensure the required precision of the evaluation. The following estimation methods are used as top-down estimation and bottom-up; the estimation method according to the analog and methods of the parametric estimation.

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