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Centennial College *
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724
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Information Systems
Date
Dec 6, 2023
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Week 8: Cost Estimation
What inputs do you need to estimate project costs?
Estimating Project costs involves developing an approximation of money required to complete the project work. To arrive at this approximation you must
know the:
Scope baseline
Project schedule
Human Resources plan
Risk register
Enterprise environmental factors (EFF)
Organizational process assets (OPA)
See the following graphic for a description of each of these inputs:
Cost Estimation Inputs quiz
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Inputs Needed to Estimate Project Costs
Scope baseline
Defining the project scope, and managing to that scope as you progress through the project, has a direct relationship to the project's success.
The Scope baseline is made up of:
the scope statement
the Work Breakdown Structure (WBS), and
the WBS Dictionary
Organizational process assets (OPA)
Processes assets (created/archived) by an organization that may be used to ensure project success
Processes, guidelines, and procedures.- organizational standard processes, standardized guidelines, templates.
Corporate knowledge base.- lessons learned, historical information, past project files .
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Complete the short review quiz below to your understanding of these inputs.
The
Scope baseline
is made up of
(choose all that are correct)
:
the Scope statement
the Work Breakdown Structure (WBS)
the WBS Dictionary
the Cost Plan
Check
Reuse
Readings
Review any consideration of the PERT estimation technique you may have had in the Project Scheduling course. The technique is similar other than
that Scheduling with PERT only considers the critical path(s).
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