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When IT Is Your Company’s “Piggy Bank”
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4 Key Things a Project Manager Must Do
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Essential Project Management
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8 Traits of Top Project Managers - Part 1
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Agile Project Management - Engaging Your Customer!
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9 Tips to Avoid Traps in Project Planning
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Why Projects Succeed - Executive Sponsorship
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On Customer Participation in Agile Projects
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A Project Charter for Lazy Teams
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The Power of Process: How Bad Project Management Kills Great Ideas
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Creating The Project Scope - Cost Estimating
April 29, 2008 | Author: PM Hut | Filed under: Cost Management, Project Scope Management, Scope Management
Creating The Project Scope - Cost Estimating (#5 in the series Creating The Project Scope)
By Joseph Phillips
Because a WBS requires you and your project team to account for everything you’ll be creating, you can create very accurate cost estimates of what the project will cost to complete. This estimate, which comes a bit after your rough order of magnitude estimate (ROM), is called the definitive estimate, and it is the most accurate. You may know ROM estimates referred to as hallway estimates or ballpark estimates.
Joseph Phillips is the author of five books on project management and is a, PMI Project Management Professional, a CompTIA certified Project Professional, and a Certified Technical Trainer. For more information about Project Management Training, please visit Project Seminars.
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