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Project initiation > Estimating project times and costs - Pg. 89

Project initiation 89 Estimating project times and costs A plan shows how long the project will take and how much it will cost. This information is useful for budgeting for projects, for managing projects in life, and to support making business commitments. Estimation is often the hardest part of developing a project plan. There are several ways to develop estimates (time and costs) for projects: · Top-down and comparative estimates: a summary estimate for the whole project. This is normally based on the assessment of an experienced practitioner who can make comparisons to similar projects. · Bottom-up: using the WBS and estimating the resources required for each activity in the WBS, and then totalling across the project. · Expert input: support and advice from an expert in one or more areas of the project.