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Question
How to estimate the cost of projects ?
Question Submitted By :: Project-Planning
I also faced this Question!!     Answer Posted By

# 1
There are various methods of estimates. Ex. Function point,
creating work break down structure and estimating for each
work packages in it.
There can be predefined/ready estimation tool with your
organization based on similar project learning experience.
Using such methods cost for each deliverable/mile stone can
be estimated. Overall estimation for each mile stone is cost
budget for your project.

 Is This Answer Correct ? 7 Yes 2 No
Akki

# 2
1. Create the WBS of the project.
2. Assign TeamMember for each Task
3. Prepare the schedule of the Project.
4. Calculate the Effort based on the schedule & Number of
Team members

For example:

Project Shedule is 2 Month with 2 Team Member( Considering
8 Hrs per day)

That Means Effort is 4 Manmonths

Assume that Per Hour cost is 20\$
One day cost per resource is 8 * 20 = 160\$
One day Cost for two resources are 165*2 = 320\$

Number of Working days in one Month is 22 days.
Number of Working days in 2 Months are 2* 22 = 44 days.

Add 4 Hours of Project Management that means Number of
days for project Management is 22 Days.

Total Number of days = 44+22 = 66 days

The Total Poroject Cost = 66 *320\$ = 21120\$

( Note: I have Assumed cost per hour is 20\$ for Project
Management Also. This cost may be diferent

I have Considered this Project executed @ offOsore
Onsite Cost will be more.

If the project is executed in ofshore/Onsite model , cost
will be diferent)

)

 Is This Answer Correct ? 4 Yes 2 No
Svs Gopinath

# 3
First we need to check clients requirement. How he need it?
When he needs it? Whether he needs it in low budget or In a
high budget? One thing we have to keep in mind that, the
Quality Control need to be maintained as much as possible.
If we give clients a good service, they will prefer to give
more projects. We should not expect more profit and giving
him a bad service/quality. Keep a reasonable margin and
give "THE BEST SERVICE" from your end.

regards
C. NAGARAJU
Nagarabhavi

 Is This Answer Correct ? 4 Yes 3 No
C. Nagaraju