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The AMA Handbook of Project Management, 3rd Edition by Jeannette CABANIS-BREWIN, Paul C. DINSMORE

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CHAPTER 10Project Cost Management in Practice

PAUL LOMBARD, PMP, CQM; PM COLLEGE

A Project Team for a major national retail products company was given the scope for a large new production facility and asked to prepare an estimate of the cost to build it. The completed estimate was presented to management, whose members informed the team that they already had a budget figure in mind and the team’s estimate was much too high. The project team reexamined the scope, used a second estimating process, and validated their original estimate. Once again, the team presented the estimate to Management but, once again, Management disagreed, even blaming the estimator and alleging that the team was “gold plating” the work. So, the two sides made an agreement ...

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