Cost Analysis tools
Reserve Analysis – This is used for creating contigency ,reserve and buffer for project incase some activities may go over the estimated budget
Analogous estimation- This is used to determine the costs of a current project by using expertise ie cost of past project is adjusted to the budget, time length and horizon of present project.
parametric estimation – This technique involves predicting costs based on parameters related to the scope of the project ,resource cost , time span .Precise parameters wil lead to accurate estimate.
Bottoms up estimating – This involves breaking down the workpackage into different activities and then determining the cost of every activity and then adding up each cost to the workpackage level.
Group decision making techniques – people of the team who have technical expertise will evaluate and finalise the estimates derived through by other techniques so delphi method is a part of group decision making estimates
vendor bid analysis – Various vendors submit bids and then these quotes are compared to arrive and estimate market cost.
Project managment software – Statistical tools like speadsheets and cost simulations models are used to quickly estimate costs.
5.Cost planning involves cost estimate and budget as they evolve over a period of time . Thus it greater superset
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