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Project Estimating and Cost Management by Parivs F. Rad

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CHAPTER 1

Introduction

Estimating is the art and science of using historical data, personal expertise, institutional memory, and the project scope statement to predict the resource expenditures, total cost, and duration of a project. A typical statement of project objectives will outline the attributes of a new physical deliverable, the details of performance enhancements to a system, or the purpose of a specific service. To estimate the project cost, the project manager must identify the various constituent physical elements and related activities necessary to meet the project objectives. Next, the project manager develops the estimate by summing ...

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