Summary Project Costing

Week 4 Summary Project Costing

CMGT 410

June, 201

Week 4 Summary Project Costing

We need to allocate resources for both the time of the staff training us on the new software, handbooks that they are bringing with them and anything else they may need or ask for. We need the cost of the facility to hold the training session and all that it comes with and anything that the employees that are coming for the training needs. The company also needs to pay for the software and all the expenses to have it installed in the company’s equipment.

The project cost estimating is using by different levels of the estimation this will save some time to avoid mistakes throughout the development of phase of the project. The requirement for the project team is all about timing in resources in scope and estimating stages in cost is determined by information.

It is essential for a project to include an integrated guideline to manage the requirements for budget, schedule, and WBS. Efficient project management will include an effective scheduled baseline to establish the work breakdown structure and sequencing of scheduled work packages. A direct requirement baseline is also helpful and a budget baseline is extremely necessary for project management. Therefore, the project outline should include:

• Requirement Baseline

• Schedule Baseline

• Budget Baseline

References

Cost Estimates. (1994). Congressional Digest, 73(2), 46.

Lagace,John C.,,Jr. (2006). Making sense of your project cost estimate. Chemical Engineering, 113(8), 54-58. Retrieved