If the budget has to be revisited part way However, the current PMI project management framework only refers to the 2 There are also industry-specific types of estimates such as design andīid estimates in construction projects ( source). Preliminary estimates and budget estimates as further gradations of estimate With an accuracy of -25% to + 75% (other frameworks quote a range of +/-50%) What Are the Types of Cost Estimates?Īccording to the PMBOK®, there are 2 types Techniques, supplemented with examples and practical considerations. Some projects use additional, sometimes industry-specific types Both types differ in respect of theirĪccuracy, the project phases in which they are used as well as the available toolsĪnd techniques. The Project Management Body of Knowledge lists the rough order of magnitude There are different types of cost estimates. However, other units such as man-days can also be used if theĬurrency amounts are not applicable or irrelevant. Such cost estimates are often expressed inĬurrency units. Tools and Techniques for Estimating Project CostĪ Cost estimate is a quantified expectation of how many resources are required to complete a project or parts of a project.Why Is Cost Estimation Important in Project Management?.Estimate to Complete (ETC) and Estimate at Completion.
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