Chapter Name: Develop a project cost estimate
Description:Develop a project cost estimate: Learners generate cost forecasts for resources, tasks, and contingency using various techniques (e.g., analogous, bottom-up).
Purpuse:Learners will generate cost estimates for all project activities, including resources, tasks, and contingency. This will involve using various cost estimation techniques such as analogous or bottom-up estimation to ensure accuracy.
Rational:Provides a basis for budgeting and helps set financial expectations with stakeholders.
Chapter Assessment
Scope of Practical Skill
Assessment Questions
Assessment 1 : Cost estimates accurately reflect the costs of planned project activities included in the WBS
This assessment ensures that cost estimates are accurate and aligned with the project’s planned activities, as reflected in the Work Breakdown Structure (WBS).
Assessment 2 : Estimates are based on an interpretation and evaluation of cost alternatives
This assessment verifies that cost estimates are based on a thorough evaluation of various cost alternatives.
Assessment 3 : Risks and contingencies are accounted for in cost estimates
This assessment ensures that risks and contingencies are appropriately included in cost estimates to mitigate potential cost overrun.