Cost Estimating Techniques
Cost estimating techniques are used to produce a realistic forecast of the cost of an activity or series of activities, for example a project to develop goods or services. A few of the techniques are: Estimating by analogy : Historical records : Parametrics
Click this link to learn how to acquire skills in Estimating Techniques
Cost Uncertainty
Cost uncertainty is the expression of variation in a cost estimate. The uncertainty can be stated as optimistic, pessimistic and most likely and these are used as inputs to produce probabilistic outputs of the cost.
Cost Risk Analysis
Cost risk analysis is a technique to help you quantify the probabilistic variation of the cost for a series of activities such as a project or programme. It also allows you to identify the activities or risk driving the project or program cost.
Click this link to learn how to acquire skills in Cost Risk Analysis.
Cost Budgeting
Cost budgeting is the technique to quantify the amount of money needed to carry out a number of activities, such as a for project or programme. Cost budgets are based on estimates and the concept of confidence levels is used to set the budget.
Click this link to learn how to acquire skills in Cost Budgeting
Cost Contingency
Cost contingency is a component of the cost budget set aside to deal with risks and issues: an element of the contingency could be used for proactively managing risks by funding risk responses and/or reactively by funding action to deal with risks that have happened. an element of the contingency could be used for funding the impact of issues.
Click this link to learn how to acquire skills in setting and managing Cost Contingency.
