Cost estimating

3 terms. Combine with other filters.

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Work breakdown structure (WBS)
A hierarchical breakdown of the entire scope of a project into progressively smaller deliverables and work packages that can be estimated, scheduled, assigned and tracked.

Going further

Cost estimate classification
A system that grades cost estimates into classes (Class 5 to Class 1 in AACE International practice) according to how mature the project definition is, which in turn indicates the estimate's expected accuracy range and appropriate use.
Earned value management (EVM)
A method that integrates scope, schedule and cost by comparing the budgeted value of work planned, the budgeted value of work actually performed, and the actual cost, to measure performance and forecast outcomes.