Consider a software development project where the team has proposed a design and estimates that it will require 800,000 lines of code to complete. The average cost to the company for an engineer is $200,000 per year, including salary, benefits, and overhead. Estimate the followings: a) The number of engineers needed to complete the project within 20 months b) The labor costs.

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A:

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Q: Why is it important to revisit and revise cost estimates throughout the life of a project?

A: Why is it important to revisit and revise cost estimates throughout the life of a project?

Cost control

Cost control or management in property or project management is the process by which managers maintain costs under human resource management, assets, and capital expenditure to ensure that the project ends on a budget basis. Cost management depends on reasonable estimates and ongoing monitoring during the project. As a result, good cost control is essential for any construction business that wants to succeed.