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Project cost assessment

Project Cost Assessment:

Project cost estimation is the process of predicting the quantity, cost, and price of the resources required by the scope of a project. Since cost estimation is about the prediction of costs rather than counting the actual cost, a certain degree of uncertainty is involved.

 

Why project cost estimation is important

There are many reasons why cost estimation is an indispensable part of project management.

A cost estimate reflects if the project is financially viable. First things first, an accurate cost estimate is essential for deciding if the project is feasible or not for the company at the moment. In this light, a cost estimate answers if the project can be completed with available resources in the given time period and still bring value to the organization.

Cost estimation helps to stay on schedule and on track. At the end of the day, sound project estimates are important to ensure that actual effort, once the project is in progress, matches the estimated targets that were set at the beginning of the project to the greatest possible extent. Thus estimates are one of the foundational pillars for safeguarding client expectations and your company’s bottom line.

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