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Question 
How to estimate the cost of projects ?
 Question Submitted By :: Ratan Basnet
I also faced this Question!!     Rank Answer Posted By  
 
  Re: How to estimate the cost of projects ?
Answer
# 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
 
  Re: How to estimate the cost of projects ?
Answer
# 2		 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
 
 
 
  Re: How to estimate the cost of projects ?
Answer
# 3		 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
 

 
 
 
Other Project Planning Interview Questions
 
  Question Asked @ Answers
 
How would you deal with changes being made a week or so before the ship date? Microsoft1
What is the team size of your project ? Infosys3
Tell me something about your project? HCL11
what is SDLC? what are the different stages in SDLC? Choice-Solutions42
How do you assign tasks to your team members?  4
How do speedup the project delivery without affecting the cost? emc26
What is the basics of Agile/Scrum development?  5
How do you track the technical activities in your project? How is the status of the project communicated to the team?  3
How do you estimate the effort for your project? Where is the estimation procedure documented?  3
What are the different phases in Software life cycle  6
How do you perform impact analysis ? Microsoft7
What is your role in the current project and what kinds of responsibilities you are handling ? Infosys5
 
For more Project Planning Interview Questions Click Here 
 
 
 
 
 


   
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