Cost Estimation and Schedule Analysis

Cost Estimation and Schedule Analysis
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Cost Estimation and Schedule Analysis
Schedule analysis establishes whether the project will be completed as planned and within the allocated budget. However, actual costs do not always go as anticipated, and typically, company projects are susceptible to cost overruns (Valtanen, 2020). Therefore, cost estimation and planning are central to project success attainment. Cost estimation and schedule analysis are issues that must be considered during the project selection process’s initial stages to mitigate potential limitations related to different project types that the firm might consider. In addition, material, time, human, as well as other resource types should be appraised on their applicability and availability to the specific project. When choosing a company project, profitability and process improvement prospects should be considered.
Analogous estimating is the quantitative approach that would be employed to estimate efforts, duration, or costs. In this estimation, the corporate managers e...