• Cost Estimation: Creating Proper Cost Models

    Cost models, based on historical data, are great tools to aid high-level factor estimates. Cost models are computer models which take as input the relevant cost drivers of an object (such as a piece of equipment or an entire project), perform a calculation and return a cost estimation for that equipment or project.

  • How do you estimate costs for project resources?

    Each project that you carry out requires one or more of your resources to complete. For large projects, this can mean a considerable amount of your resources. Especially in that case, it makes sense to spend time determining the correct amount to help forecast when exactly those resources are needed. This will provide you with a cash flow to manage your expenditures and revenues accordingly. Here we pose the question: how do you make a cost estimation for using resources?

  • Back to the basics: what is project cost estimation?

    In the field of cost engineering and cost management, project cost estimation plays a central role. What is project cost estimation and why is it so important?

  • Cost control and risk management: How do they relate?

    Especially for large projects, it is common to have at least one risk analysis session. In such a session, different stakeholders and experts try and identify events that might impact the performance of the project. It is also determined how to mitigate or even prevent these potential problems from occurring.