To make estimation of a project, it’s necessary to take into account a variety of factors and involve different specialists. Business analyst works with potential customer’s requirements, technical specialist helps to reach better results if involved at an early stage.

There is a set of techniques, used for estimation:

  • “Expert judgement”
  • “Analogous estimating” 
  • “Bottom-up” estimating
  • “Parametric estimating”
  • PERT

After the estimates are ready, it’s possible to calculate the project cost derived from:

  • Provided estimate
  • Business analysis and project management
  • Contingency reserves
  • Cost of quality
  • Management reserves 

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