One of the first tasks when managing a project is the cost estimate. A cost estimate must be accurate, transparent and reliable. These factors are particularly important for a small business because ...

Project work estimation has three components: the initial first cut, commonly known as a SWAG (scientific wild-ass guess), tracking the estimate against the actual numbers, and using the schedule to ...

Value stream management involves people in the organization to examine workflows and other processes to ensure they are deriving the maximum value from their efforts while eliminating waste — of ...

Project managers are asked to provide effort, duration, and cost estimates as a primary part of our jobs. You know then, that the estimation process is partly an art and partly a science. However, ...

As a brief reminder, parametric cost estimating is a technique in which an algorithm (or curve) is used to rapidly calculate costs based on historical data and project parameters (cost drivers such as ...

Like any industry, blame and accolades are an inevitable part of the electrical contracting business. I once heard someone say, “If you could buy people for what they are worth and sell them for what ...

In discussions of risk, the term “contingency” is often understood to be a number added to an estimate for project costs or durations to cover some element of risk or uncertainty. Owners establish ...