Basis of Estimates

The amount and type of additional details supporting the cost estimate vary by application area. Regardless of the level of detail, the supporting documentation should provide a clear and complete understanding of how the cost estimate was derived.

Supporting detail for activity cost estimates may includc:

• Documentation of the basis of the estimate (i.e., how it was developed),

• Documentation of all assumptions made,

• Documentation of any known constraints,

• Indication of the range of possible estimates (e.g., $10,000 (±10%) to indicate that the item is expected to cost between a range of values), and

• Indication of the confidcncc level of the final estimate. .3 Project Document Updates

Projcct documents that may be updated includc but arc not limited to risk register

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Project Management Made Easy

Project Management Made Easy

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.

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