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2. What is a Project Cost
Estimate?
Definition: The estimated cost of
completing a project in a fixed time.
Preparation: Typically done by Architects
& Engineers for industrial projects.
Dynamic Document: Subject to review at
all project stages.
3. Importance of Project
Cost Estimates
Funding Guidance: Provides stakeholders
with funding requirements and timing.
Informed Decision-Making: Helps in deciding
investment priorities.
Activity Prioritization: Assists in prioritizing
project activities.
Progress Monitoring: Serves as a tool for
tracking project progress.
4. Points to Consider During
Preparation
Scope Alignment: Ensure the cost
estimate aligns with the project scope.
Stakeholder Involvement: Involve
project stakeholders during
estimation.
Consistent Tax Usage: Use taxes
consistently throughout the budget.
6. Managing Budget Overruns
Collaboration: Architects, engineers, and project
management consultants collaborate to ensure
budget adherence and timely deliverables.
Avoid additional budget-increasing factors.
Prioritize Work: Focus on essential tasks and
defer less critical work.
Cost Offset: Look for opportunities to offset
increased costs elsewhere.
Inform Stakeholders: communicate with stakeholders
and provide a revised budget.
Mitigation Strategies:
