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\nHow to Estimate Project Costs: A Method for Cost Estimation\n

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\nThere are two reasons why cost estimation is important for project managers. First, it’s extremely hard to estimate project costs well. And second, poor cost estimates are often the biggest reason for a project budget over-run.And...\nThere are two reasons why cost estimation is important for project managers. First, it’s extremely hard to estimate project costs well. And second, poor cost estimates are often the biggest reason for a project budget over-run.

And there's another factor, which I refer to as the 'project knife-edge'. This is the competing pressures to:
- reduce your costs to satisfy your funder
- increase your budget to de-risk your project

All of this makes estimating project costs tricky. So, in this video, I'll talk you through the best way to estimate project costs:

1. The Project Cost Estimating process
2. The sources of costs in project management
3. Estimating methods and my cost estimation tips
4. How to add a contingency to your project costs
5. From Estimates to Budget to Cash flow.

You may also like the companion videos:
- How to Deliver Effective Project Cost Management
...    • How to Deliver Effective Project Cost...  
- Project Financial Management – 5 Tips for Good Cost Control | Video
...    • Project Financial Management - 5 Tips...  
- What is a Discounted Cash Flow (DCF)
...    • What is a Discounted Cash Flow - DCF?  
- What is a Business Case?
...    • What is a Business Case? Project Mana...  
- Project Business Case: Write an Effective Project Proposal
...    • Project Business Case: Write an Effec...  

For more details, check out three thorough articles on our website:
1. Project Estimation: Master the Art and Craft
2. Project Cost Management – The Essential Things to Know and Do
3. Great Big Guide to the Project Business Case\n
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Resource Details

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Media Length
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11:25
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Grade
10th - Higher Ed
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Subjects
Social Studies & History
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Media Type
Instructional Videos
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Source:
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\nOnline PM Courses\n\n
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Date
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2020
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Language
English
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Audiences
For Teacher Use
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Fine Print: Educational Use
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Concepts

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cost, work, time, pull, estimation, budgeting
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estimate project costs, estimate costs, cost estimation, cost estimating, estimating project costs, budget estimating, project cost estimation, project cost estimating, estimating methods, estimation tips, costs in project management, estimating tips, estimating, project budget, project cost management, cost management, project knife-edge, project 'knife-edge', buget, budgetting, cash flow, project cash flow, project management tutorial, project management, knife edge, business case, capital costs, revenue costs, project managers, work stream, cost estimate, costs, components, project, estimates, contingency, projects, past, based, estimate, people, team, uncertainty, start, make, side, possibly, give
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