TOTAL COST MANAGEMENT Material

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TOTAL COST MANAGEMENT Material

Contents:
  • Understand the objectives of generating an estimate
  • Understand the various classifications of estimates
  • Familiarize the requirements for various estimates.
  • Understand the timing of the estimate and its importance
  • Why qualified resources are essential for a quality estimate.
  • Why scope definition is important for any estimate.
  • Understand the application of accuracy ranges for various estimates and its importance.
  • Why corporations set a typical methodology for generating estimates.
  • The importance of estimate analysis.
  • Understand the application of allowances within estimates.
  • Why contingency and risk analysis are undertaken.
  • Understand the need for Work Breakdown Structure.
  • Importance of estimate and schedule integration.
  • Importance of basis of estimate.
  • Importance of estimate reviews.


Cost Estimiting:

A predictive process used to quantify, cost, and price the resources
required by the scope of an asset investment option, activity, or project.
As a predictive process, estimating must address risks and uncertainties .
The outputs of estimating are used primarily as inputs for budgeting, cost or
value analysis, decision making in business, asset and project planning, or
for project cost and schedule control processes.

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