Estimate costs is the PMI process to approximate the cost of the project. This is done by estimating the components of the project. This process is part of the cost management knowledge area and in the planning process group.
According to the
PMBOK, this activity has the following characteristics:
Tools and Templates
Cost management plan, Human resource management plan, Scope baseline, Project schedule, Risk register, Enterprise environmental factors, Organizational process assets Expert judgment, Analogous estimating, Parametric estimating, Bottom-up estimating, Three-point estimating, Reserve analysis, Cost of quality, Project management software, Vendor bid analysis, Group decision-making techniques Activity cost estimates, Basis of estimates, Project documents updates
Estimate costs is described in section 7.2 of the PMBOK 5th edition.
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