Description
It is the process of estimating the cost of project activities. It is the approximation of monetary resources needed to carry out the project tasks. It is used in the Planning Process Group and in the Cost Mgmt Knowledge Area.
Process Group
This activity is done in the following Process Group(s) during the project management.
Planning
Knowledge Area
This activity is done in the following Knowledge Areas during project management.
Project Cost Mgmt.
Tool
This activity is performed by using the following project management tools and techniques by the project manager and the team.
Tool Type | Tool |
Data analysis Tool | Alternatives analysis |
Cost of quality | |
Reserve analysis | |
Decision making Tool | Voting |
Common Tool | Analogous estimating |
Bottom-up estimating | |
Expert judgment | |
Parametric estimating | |
Project management information system | |
Three-point estimating |
Input
Performing this project management activity uses the following inputs to be used along with the tools and techniques in order to produce the expected outputs as mentioned below.
Input Type | Input |
Common Input | Enterprise environmental factors |
Organizational process assets | |
Project documents | Lessons learned register |
Project schedule | |
Resources requirements | |
Risk register | |
Project management plan | Cost management plan |
Quality management plan | |
Scope baseline |
Output
This activity in project management results in the following outputs after proving the required inputs and using the appropriate tools or techniques as mentioned above.
Output Type | Output |
Common Output | Basis of estimates |
Cost estimates | |
Project documents updates | Assumption log |
Lessons learned register | |
Risk register |
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