Cost Estimation Tools and Techniques
Analogous or top-down estimates: Use the actual cost of a previous, similar project as the basis for estimating the cost of the current project.
Bottom-Up estimate: Involve estimating individual work items or activities and summing them to get a project.
Parametric modeling: Using project characteristics (parameters) in a mathematical model to estimate project costs.
Computerized tools: Tools, such as speadsheets and project management software, that can make working with different cost estimates and cost estimate tools.
Constructive Cost Model ( COCOMO )
Function points: Technology-independent assessments of the functions involvd in developing a system.
Earned Value Management - STUDY
The planned value (PV), formerly called the budgeted cost of work scheduled (BCWS), also called the budget, is that portion of the approved total cost estimate planning to be spent on an activity during a given period.
Actual Cost (AC), formerly called actual cost of work performed, total direct and indirect costs incurred when accomplishing tasks.
Earning Costs (EC), estimate of physical work actually completed.
Rate of performance (RP) is the rating of actual work completed to the percentage of workk planned to have been completed at any given time during the life of the project or activity.
Term Formula
Earned Value EV = PV to date * RP
Cost Variance CV = EV - AC
Schedule Variance SV = EV - PV
Cost Performance Index CPI = EV/AC
Scheduled Performance Index SPI = EV/PV
Estimate at Completion EAC = BAC/CPI
Estimated Time to Complete Original Time Estimate/SPI
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