A quantitative assessment of the probable costs is required to complete an activity. This type of estimate can be presented in summary form or in detail. Costs are estimated for all resources that arc applied to the activity cost estimate. This includes, but is not limited to, direct labor, materials, equipment, scrviccs, facilities, information technology, and special categories such as an inflation allowance or a cost contingency reserve. Indirect costs, if they are included in the project estimate, can be inciuded at the activity ievel or at higher ievels.
Was this article helpful?
What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.