how accurate are project cost estimates?

Discussion: Project Resource Planning
Resource planning is a way to identify, quantify, and document the resource requirements for a project. This includes all of the human and non-human resources, such as materials and equipment, which will be needed to produce the project deliverables. The resource requirements are key inputs to performing cost estimating. The primary source for deriving this information is the WBS. Supplementary sources can include the scope statement and/or historical information from other, similar projects. The project budget, which represents funding requirements for a period of time, is derived from the project cost estimates.

In general, how accurate are project cost estimates?
What tools/techniques can be used to ensure the greatest level of accuracy?
Why is it important to review project costs throughout the life of a project?
What is a basis of estimates, and how is it used in project cost management?


 

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