The Project Management Tool Kit: 100 Tips and Techniques for Getting the Job Done Right

COST PROCESS17Cost Estimating (PMBOK^® 7.1, Estimate Costs)

What:	Forecasting the costs of project activities.
When:	Project planning, execution, and control.
Results:	Cost estimates for all resources needed for project activities.

Estimate the Cost of Project Labor

Cost estimates are central to project plan development and require an effort estimate for each listed task in your project activity definition. Verify your effort analysis from activity resource estimating.

Calculate a cost for the effort using either expected actual labor expenses for staffing, or with whatever standard labor rates your organization has established for the relevant types of contributors working on your project.

Determine Other Costs

Some project activities ...