Project cost estimate goal
The project cost estimating goal should be
- To reflect the most likely cost
- Of the identified scope of work
And hence
- Avoid unwarranted detail
- Arrive at the value by the most expedient means
- Follow physical delineations
- E.g. component, system or element
- Provide separate allowances for some items
- E.g. Prudent contingent variations, undefined work, and so on