7 Steps In Estimating a Cost Baseline

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

Adeniyi Salau PMP , CCNA R&S , CDMP, 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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