Cost Estimating

Cost estimating in project cost management involves assessing and calculating the expected expenses for a project before it begins. This process includes evaluating all potential costs such as materials, labor, equipment, and overhead. Accurate cost estimates help ensure that a project is within budget and allows for better planning and decision-making. By estimating costs upfront, project managers can identify financial resources needed, anticipate challenges, and avoid overspending, ultimately contributing to the project's success. Effective cost estimating is a critical step in managing any project efficiently.