Learning outcomes
1. Understand estimating project times and costs is the foundation for
project planning and control.
2. Describe guidelines for estimating time, costs, and resources.
3. Describe the methods, uses, and advantages and disadvantages of
top-down and bottom-up estimating methods.
4. Distinguish different kinds of costs associated with a project.
5. Suggest a scheme for developing an estimating database for future projects.
6. Understand the challenge of estimating mega projects and describe steps that lead to better-informed decisions.
7. Define a “white elephant” in project management and provide
examples.