Cost Estimation for Entry-Level Professionals

Any endeavor we undertake may have financial implications. In organizations, all corporate decisions are financial decisions, no matter the project or operation to be achieved. Before authorizing any project, there is always a need to plan beforehand and have a clear idea about the cost or the budget.

Failure to plan is planning to fail. Managers and professionals need to be exposed to cost estimation in a crash course such as this. The general objective of this crash course is to provide professionals with concepts, knowledge and information that would help them to confidently participate cost estimating discussions.

At the end of the crash course, the viewer and learner could be able to do the followings:

1. Understand the basis of all corporate decisions
2. Define the expression “cost estimation” and underline its main concepts
3. Point out how the basis to assess the consistency of any cost estimates
4. Define the success criteria for cost estimates
5. Explain the classification of cost estimate, including the various inputs, processes and output, and how they operate together
6. List the ground rules and the best practices in cost estimation
7. Identify the steps required to develop a cost estimate
8. Explain the usefulness of developing a work breakdown structure
9. Explain the steps that usually happen after developing a cost estimate
10. Explain the main estimating methods
11. Understand the process of risk adjustment in cost estimation
12. Try the exercises provided and review the solution guide
13. Identify the first cost estimating principle when facing any project