Estimation Meaning | What is Cost Estimation? | UBS
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What is Estimation?

In general, it’s the process of examining existing data to estimate the amount of time, money, and resources required to execute a project. Scope, timeframes, cost, and threats are typically included in project estimation.

When estimating a project, it’s crucial to first grasp the Project Management Cycle. By breaking the project into manageable stages, each with its own goals and deliverables, corporations and organizations may better oversee the project and the quality of the product.

Estimating a project necessitates breaking it down into distinct tasks and determining who will be responsible for what.

The project estimation process has been broken down into five parts.

  • To begin, make a list of tasks and the resources you’ll need to complete them.
  • Determine and distribute resources to projects based on the capabilities of your team.
  • Estimate the length of each job to create a project timetable (with some buffer)
  • Using the estimation technique you’ve chosen, calculate the project cost.
  • Real-time budget tracking

Estimation is a skill that takes time and practice to master the whole process. Those who have a formal education in project management can easily make an estimation by applying the building and managing a budget using various techniques.

Also, See: Cost Estimation

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