Description
Cost Estimate is an approximation or anticipated cost for the specified a scope of work, project, or operation that is the process of predicting a cost of the facilities and services through quantitative analysis of the work required by the design documents to evaluate a single total value and may have identifiable component values. A main purpose of the Cost Estimate is for a feasibility decision, funding arrangement and making a bid or contract. A reliable cost or an accuracy of estimates are necessary for responsible management at every stage of the project that is depended on the details of input information. A project underestimation of resources and costs is one of the most common contributors to project failure.
The Project Definitions have been defining and developing in terms of the agreed project language by ThePD (The Project Definition) as for the Preferred Project Definitions. The Project Definition is a clearly and concisely defined statement of the exact meaning of words, phrases, sentences, or descriptions of the subject in the project business. The Project Definition is an essential requirement and a critical success factor for the project execution to communicate accurately with the same understanding of the meaning or terminology. The Project Definitions and related information is included in the website (www.theprojectdefinition.com) and published daily basis to the subscribers. Users who want to keep own file, can purchase the Project Definition as a beta version (B4) today with a big bargain.
