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Time and Cost Estimating Techniques Estimating work times provides several benefits for the project manager. It gives an idea of the level of effort required to complete a project. This information then enables the project manager to produce a realistic plan based upon that effort. Estimating also helps the project manager anticipate the budget for the project. There are many formal techniques available to estimate time and cost for activities. Please refer to the Project Management Reference Section for more details on these techniques. Anyone reviewing these estimates should understand that they are approximations, not accuracies. Although the formal techniques are very specific, most of them have the following tasks in common: * Break activities down into small pieces for easier and more accurate estimation. (WBS) * Review historical information and compare to current activities. * Include a contingency buffer for potential risks. * Solicit advice from others that have previously completed similar activities....

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