There 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.
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And there’s another factor, which I refer to as the ‘project knife-edge’. This is the competing pressures to:
All of this makes estimating project costs tricky.
So, in this video, I’ll talk you through the best way to estimate project costs:
You may also like the companion videos:
For more details, check out three thorough articles on this website:
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Dr Mike Clayton is one of the most successful and in-demand project management trainers in the UK. He is author of 14 best-selling books, including four about project management. He is also a prolific blogger and contributor to ProjectManager.com and Project, the journal of the Association for Project Management. Between 1990 and 2002, Mike was a successful project manager, leading large project teams and delivering complex projects. In 2016, Mike launched OnlinePMCourses.
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