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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