7 Steps In Estimating a Cost Baseline

7 Steps In Estimating a Cost Baseline

 

Here are the procedures that you have to follow when are estimating a cost baseline.

 

  1. Gather the inputs you will need to establish the baseline, such as the WBS, the project schedule, the cost estimates, and the risk management plan.
  2. Use the project schedule to determine when activities will be taking place.
  3. Use one of the methods for assigning costs, allocate funds for each activity or work package for the time period in which it will be taking place.
  4. Consider adding a contingency amount to accommodate the risk of incurring extra expenses.
  5. Total the cost for each time period.
  6. Plot the cost for each period on a chart to create an S-curve of the baseline.
  7. Publish and distribute the cost baseline to the appropriate project stakeholders.

Estimating a cost baseline

 

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Adeniyi Salau

Adeniyi Salau Scrum Master Certified , CCNA R&S , BeingCert and Scrum Certified Digital Marketing Professional, CEP, MOS, MCP, CSCU (Project 2016), Microsoft Certified Security and Networking Associate is a Google and Beingcert Certified Digital Marketer, Project Manager and SEO Expert of repute with about a decade of Blogging and online marketing experience. He is always ready to share his experience with others.

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