As the project progressestimated costs of individual activities or work packages to establish an authorized time-phased project budget or cost bng and executing, and additional detail is gathered, the range of values for the project cost estimate will

Question

Corbin Gillespie

Business

12 August, 14:22

As the project progressestimated costs of individual activities or work packages to establish an authorized time-phased project budget or cost bng and executing, and additional detail is gathered, the range of values for the project cost estimate will

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Ruth Choi · Answer 1

The correct answer is Narrow.

Explanation:

Estimate the Costs is the process of developing an approximation of the monetary resources necessary to complete the project activities. The cost estimate is a prediction based on the information available at any given time. It includes the identification and consideration of various cost calculation alternatives to start and complete the project.

To achieve an optimal cost for the project, concessions between costs and risks, such as manufacturing instead of buying, buying instead of renting, and exchanging resources, must be taken into account. In general, the cost estimate is expressed in monetary units (dollar, euro, yen, etc.), although in some cases other units of measurement can be used, such as the hours or days of work of the staff to facilitate comparisons, eliminating the effect of currency fluctuations.