![]() ![]() By considering historical data, industry standards, expert judgment, and the project’s unique characteristics, PMP professionals can develop accurate and reliable cost estimates that align with the project’s objectives and constraints. These estimates provide a solid foundation for determining a project’s budget and enable project managers to make informed decisions, monitor costs, and ensure financial success throughout the project lifecycle. It systematically assesses and forecasts the various elements essential for project completion, such as materials, labor, equipment, and overhead expenses. However, cost estimation is much more than just crunching numbers. They are the calculated projections of the financial resources required to execute a project within its defined scope. Cost estimates in Project Management Professional (PMP) methodology are vital in project planning and control.
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