Project cost estimating is such a task which several managers find quite daunting and tricky as well. On the flip side, do you think that it’s that complicated just the way they think? Well, it’s certainly not. There are specific tools and techniques that you can utilize to create a faultless estimation of your project cost. If you wish, you can team it up with Engineering Cost Analysis to attain the most excellent results. What are those tools and techniques which let you make an impeccable estimation of your project cost? Well, these include the estimation techniques of bottom-up estimation and parametric estimation. If you want to recognize and stay ahead in resolving some probable future threats, then there are some effective strategies as well. These include the methods of contingency reserve and management reserve. All this should be teamed up with the technique of group decision making.
