In the field of project management, cost estimation is the process of estimating all of the costs associated with completing a project within scope and according to its timeline. Cost estimation is one of the most effective tools in the project manager’s tool belt for planning an accurate budget. Simply put, a budget must be accurate for a project to succeed. A poorly designed budget leads to improper asset allocation, unrealistic expectations, and potentially, a failed project. These include the project’s scope, timelines, and budget.Ī project’s budget has the potential to impact nearly every facet of the project, making it one of the most critical responsibilities of a project manager. But perhaps none are as integral to the overall success of the project as the planning phase, which establishes a number of frameworks by which the project must be completed.
To be effective in their roles, project managers perform a number of important duties and responsibilities throughout each stage of the project life cycle.Įach stage of the project life cycle is, of course, important.
Project managers play an integral role in many organizations, ushering projects from inception all the way through to completion.
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