Cost Estimation for Projects: How to Estimate Accurately
ProjectManager.com
AUGUST 21, 2019
Good cost estimation is essential for keeping a project under budget. Many costs can appear over the life cycle of a project, and an accurate estimation method can be the difference between a successful plan and a failed one. Estimation, however, is easier said than done. Projects bring risks, and risks bring unexpected costs. Cost estimation is the process that takes those factors into account, and calculates a budget that meets the financial commitment necessary for a successful project.
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