From the course: Accounting Foundations: Cost Estimating
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Managing costs
- Cost estimates are just that estimates. You may want accuracy but a cost estimate will never be that. I mean of course you'll get close but never a hundred percent. This means you have to be on top of the cost throughout the project's life cycle from planning all the way to measuring actual cost performance when you complete the project. So this means you need to learn to always manage your costs and cost estimates. The first thing is to plan in advance for resources you'll need. Knowing exactly what you need early in the project or product development avoids any surprise costs popping up during or at the end of your effort. I've said this before and I'll say it again you should always try to break down your project using a work breakdown structure. I can't emphasize enough the success you'll have breaking down your effort into its smaller components. When done properly, it helps to define resources you need and…
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