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A cost estimate is the approximation of the cost of a program, project, or operation. The cost estimate is the product of the cost estimating process. The cost estimate has a single total value and may have identifiable component values. A problem with a cost overrun can be avoided with a credible, reliable, and accurate cost estimate. A cost ...
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Elemental cost planning is a system of Cost planning and Cost control, typically for buildings, which enables the cost of a scheme to be monitored during design development. 1951 saw the publication of the Ministry of Education Building Bulletin No 4 which essentially introduced the concept of elemental cost planning to the UK construction ...
In software development, effort estimation is the process of predicting the most realistic amount of effort (expressed in terms of person-hours or money) required to develop or maintain software based on incomplete, uncertain and noisy input.
Analogous Estimating: Using the cost of similar project to determine the cost of the current project; Determining Resource Cost rates: The cost of goods and labor by unit gathered through estimates or estimation. Bottom Up estimating: Using the lowest level of work package detail and summarizing the cost associated with it.