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Chapter 9: Budgeting 101 > Estimating Techniques

Estimating Techniques

The WBS has been a handy tool so far in the creation of Planning documents, and it's indispensable in the budget process. The WBS is used to identify, estimate, and assign costs to each element of the project. The work package level is where you'll see individual costs and estimates for each activity (provided the work package level shows activities), whereas the higher levels in the WBS will show rolled-up costs.

Before I get into the details of each estimate, let's look at the most common estimating techniques you can use during the budget process.

Analogous Estimating

analogous estimating

Establishes an estimate for the project based on the actual costs of previous projects similar in size and scope to the project being estimated.


  

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