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Basis of estimate (BOE) is a tool used in the field of project management by which members of the project team, usually estimators, project managers, or cost analysts, calculate the total cost of the project.
In project management (e.g., for engineering), accurate estimates are the basis of sound project planning. Many processes have been developed to aid engineers in making accurate estimates, such as Analogy based estimation; Compartmentalization (i.e., breakdown of tasks) Cost estimate; Delphi method; Documenting estimation results; Educated ...
A cost estimate is the approximation of the cost of a program, project, or operation. The cost estimate is the product of the cost estimating process. The cost estimate has a single total value and may have identifiable component values. A problem with a cost overrun can be avoided with a credible, reliable, and accurate cost estimate. A cost ...
Project Cost Management (PCM) is the dimension of project management which aims to ensure that a project is completed within its approved budget. [1] [2] It encompasses several specific project management activities including estimating, job controls, field data collection, scheduling, accounting and design, and uses technology to measure cost and productivity through the full life-cycle of ...
[7] [8] Gantt charts illustrate the start and finish dates of the terminal elements and summary elements of a project. [1] Terminal elements and summary elements constitute the work breakdown structure of the project. Modern Gantt charts also show the dependency (i.e., precedence network) relationships between activities. Gantt charts can be ...
To produce a project estimate the project manager: Decomposes the project into a list of estimable tasks, i.e. a work breakdown structure; Estimates the expected value E(task) and the standard deviation SD(task) of this estimate for each task time
A Allocation of costs is the transfer of costs from one cost item to one or more other cost items. Allowance - a value in an estimate to cover the cost of known but not yet fully defined work. As-sold estimate - the estimate which matches the agreed items and price for the project scope. B Basis of estimate (BOE) - a document which describes the scope basis, pricing basis, methods ...
The Intermediate Cocomo formula now takes the form: E = a i (KLoC) b i (EAF) where E is the effort applied in person-months, KLoC is the estimated number of thousands of delivered lines of code for the project, and EAF is the factor calculated above. The coefficient a i and the exponent b i are given in the next table.