How to Estimate Project Costs: A Method for Cost Estimation

The video tutorial discusses the challenges of estimating project costs, emphasizing the 'estimating knife edge' that project managers face between minimizing costs and including contingencies. It introduces the work breakdown structure as a tool for cost estimation and identifies key cost sources like people, real estate, and materials. Six estimating techniques are covered, including order of magnitude and parametric forecasting. The video also suggests using red teams and adding contingencies to improve estimates, and concludes with integrating estimates into cash flow and business cases.

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