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What items or functions should be included as costs

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Question -

(a) It has been said that estimating the time component is one of the most difficult but important tasks. Why might this be so?

(b)You have been tasked with outlining how to determine the estimated costs for a project. You could use any approach you wish but there should be some guiding principles or rules that you would use. What principles or rules would you follow when undertaking such a task?

(c) What does effective communication of cost estimates require?

(d) Cost management involves the project budget so costs need to be estimated. What items or functions should be included as costs?

Reference no: EM133085905

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