Cost Methods & Tools

38691You are now ready to apply costing methods, tools, and techniques to your project. There are many of these available to assist you in determining your overall budget, as well as to estimate the durations for individual tasks. These methods could include the following:

Expert judgment
Analogous estimating
Parametric estimating
Bottom-up estimating
Three-point estimating
Reserve analysis
Cost of quality
Project management estimating software
Vendor bid analysis

You will be responsible for using your plan that you developed in Weeks 2 and 3 to estimate your budget for your key assignment project. You should apply 2 of the above methods to determine a worst-case scenario budget. Please put your calculations in a spreadsheet similar to the following:

Deliverables

The following are the overall project deliverables:

Update the Key Assignment document title page with a new date and project name.
Update the previously completed sections based on the instructor’s feedback.
Create the following new section:
Costing Methods and Tools
Select 2 of the costing methods, and discuss why they will support developing a realistic budget.
Provide an example of computations for a few of the activities for the 2 selected methods.
Fill in a table similar to the example table so that your 2 different total project budgets are based on the 2 selected methods.
Discuss what type of contingency budget you will put in place based on the 2 budgets to mitigate an underestimation.

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