![]() ![]() ![]() There are essentially two ways to estimate the cost of a project. Learn to deliver digital-age transformational projects and excel in the field of project management with Simplilearn’s project management training. Some project managers use historical data when calculating the cost of a project although this can work in certain situations, over the long term this will lead to higher variations in estimated and final costs. If you’re a project manager who’s been thrown in at the deep end and are struggling to come up with accurate, realistic estimates, it helps to fully understand two of the most important estimate metrics that you could start applying to your projects right away: ROM and Definitive.Ī project manager can help to prepare more accurate estimates to begin with, it is vital to get all of the inputs correct when calculating the cost. To be successful in the field of project management, the ability to estimate the cost of a project is vital.
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