Question
Download Solution PDFIn progress of a project, the percentage of error will be less in
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFExplanation:
Definitive cost estimate provides an accurate estimate of project costs. It is used for making many purchasing decisions for which accurate estimates are required and for estimating final project costs. The accuracy of this type of estimate is normally -5 percent to +10 percent.
|
|
Life Cycle State |
Type of Cost Estimate |
|
1. |
Initial (concept) stage |
Rough order magnitude or Indicative cost estimate |
|
2. |
Planning and Design |
Preliminary cost estimate |
|
3. |
Implementation or trending stage |
Detailed cost estimate |
|
4. |
Closure stage |
Definite cost estimate |
As the project progress the error in cost estimation of the project decreases sharply from the rough order of magnitude estimates to definitive cost estimate.
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