Project Management Tips: How To Generate an Accurate Project Cost Estimate





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Published on Jul 9, 2017

Project Managers: Learn a four-step process to create an accurate project cost estimate, enabling you to maintain customer satisfaction, improve profits, improve your forecasting capabilities, and improve stakeholder confidence.


Inaccurate project cost estimates can cause a number of problems for the Project Manager to deal with, including:
* Impacted customer satisfaction
* Impacted profits due to absorbing project cost overages
* Inaccurate budget, profit, and cash flow forecasting
* Lost management, stakeholder, and stockholder confidence

There are several reasons why a project may be delayed, including:
* Lost control of project scope
* Unforeseen issues adding cost to the project
* No structured project estimating process

There is a four-step process that you can follow to generate an accurate cost estimate for a project:
* Identify the project scope
* Create a project work breakdown structure (WBS)
* Create a simple project schedule
* Assign resources and calculate costs using the project schedule

This is a structured and detailed process, and there are several things to consider when using any or all of these techniques. However, you should be able to follow these steps to create an accurate project cost estimate (+/- 10%), enabling you to:
* Maintain customer satisfaction
* Improve profits
* Improve forecasting
* Improve stakeholder confidence


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Project Management author and trainer Tony Zink shares his insights on how to use tools and techniques to get better results on projects. Learn how to save time, save money, reduce risks, and provide a more stress-free and pleasant experience for everyone involved in your project. Other topics that Tony discusses include:
* Introduction to Project Management
* Resource Management
* Project Portfolio Management
* Risk Management
* Project planning
* Project scheduling
* Project tracking
* Project Management careers
* Project Management basics
* Project Management for beginners
* Project Management fundamentals
* Project Management tips and tricks
* Project Management tutorials
* Project Management training
* Project Management tools
* Project Management software
* IT Project Management
* Software Project Management
* Construction Project Management
* and much more!


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