Reference no: EM132692267

You are now ready to apply costing methods, tools, and techniques to your project. There are many of these available to assist you in determining your overall budget, as well as to estimate the durations for individual tasks. These methods could include the following:

Expert judgment

Analogous estimating

Parametric estimating

Bottom-up estimating

Three-point estimating

Reserve analysis

Cost of quality

Project management estimating software

Vendor bid analysis

Determine Project Budget

Select 2 of the costing methods, and discuss why they will support developing a realistic budget.

Provide an example of computations for a few of the activities for the 2 selected methods.

Fill in a table similar to the example table so that your 2 different total project budgets are based on the 2 selected methods.

Discuss what type of contingency budget you will put in place based on the 2 budgets to mitigate an underestimation.