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Project Management: Developing a Solid Budget Estimate

By Dennis McCafferty  |  Posted 03-04-2011 Print

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The publication also provides four approaches for developing a solid budget estimate:
  • Use expert judgment, meaning one or more experts are solicited to analyze project costs. This method is most often used when no prior data is known to exist.

  • Analogous estimating uses actual costs or data from prior projects to develop an estimate for the currently planned one.

  • Bottom up requires detailed accounting for all project components in more "real," concrete detail than the other methods.

  • "PERT" (Program Evaluation and Review Technique) estimates allow project managers to consider "most likely," "optimistic" and "pessimistic" scenarios in coming up with an estimate.



 

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