Planning and Scheduling: Estimating Work and Costs
Summary: This template describes the process of estimating the work effort and duration for items in the WBS, as well as estimating costs for each item to feed the project budget. Although strictly speaking cost estimating is not part of the "scheduling process," in reality the schedule can't be considered complete without eventually optimizing it for the best balance for the project between scope, time, and resources/costs. Therefore, we've addressed cost estimating in this step of the planning process.
This guideline will help you and your team ...
What you get:
- Estimate work and costs with active involvement of the people who will actually be executing the work
- Develop a schedule based on hours of work truly required, rather than top-down guesses
- Instructions for using the template
- Definitions for estimating work
- Data sources for estimating work
- Detailed steps in the work estimation process
- What NOT to include in work effort and duration estimates
- Categories for cost estimating
- Sample worksheets for Estimating Work Effort and Estimating Detailed Costs for WBS Items