1. Choose a method based on the objective and available information
According to the AFITEP/AFNOR project management dictionary, "Estimation consists, on the basis of insufficient and often more or less false data, in giving the most probable value and duration of a task (service or supply) performed by third parties over whom we have no possibility of action, at a later (as yet) undetermined time. These values are necessarily accompanied by their degree of confidence".
The aim is to provide an assessment of a project in advance, using data and/or information to be researched.
There are various methods for doing this, each requiring more or less information, data and investment time to obtain a more or less precise estimate, depending on the need.
The Ultimate Scientific and Technical Reference
This article is included in
Design and engineering management
This offer includes:
Knowledge Base
Updated and enriched with articles validated by our scientific committees
Services
A set of exclusive tools to complement the resources
Practical Path
Operational and didactic, to guarantee the acquisition of transversal skills
Doc & Quiz
Interactive articles with quizzes, for constructive reading
Choose a method based on the objective and available information
Structuring the method around functional analysis
Websites
Association for Advancement of Cost Engineering
AACE International was founded in 1956 by 59 cost estimators and cost engineers at the organizational meeting of the American Association of Cost Engineering.
The Ultimate Scientific and Technical Reference
