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Costing Methods and ToolsSelect 2 of the costing methods, and discuss why they will support developing a realistic budget.Provide an example of computations for a few of the activities for the 2 selected methods.Fill in a table similar to the example table so that your 2 different total project budgets are based on the 2 selected methods.Discuss what type of contingency budget you will put in place based on the 2 budgets to mitigate an underestimation.
You are now ready to apply costing methods, tools, and techniques to your project. There are many of these available to assist you in determining your overall budget, as well as to estimate the durations for individual tasks. These methods could include the following:Expert judgmentAnalogous estimatingParametric estimatingBottom-up estimatingThree-point estimatingReserve analysisCost of qualityProject management estimating softwareVendor bid analysis
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