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How to Achieve Accurate Project Time and Cost Estimates

How to Achieve Accurate Project Time and Cost Estimates
By Paul A. Weber

What are Time & Cost estimates?

These are the project estimates in relation to how much time is required for your project. Cost is related to how much financial investment will be necessary for your project,

Why Time & Cost estimates are important?

I know you are thinking “This goes without saying”, but let’s explore this point anyway. Time and cost estimates are intertwined, because either one has a direct effect on the other. When determining the cost of a project, or a specific area of a project, time estimates are usually included, because time is literally money. Projects are not only cost determined based on material, but also according to the time estimated for project completion. This time is usually applied to the overall cost of the project because people get paid for the actually work they perform, but also the time taken to complete a task. Read the Complete Article

Statement of Work: The Blueprint of Your Project

Statement of Work: The Blueprint of Your Project
By Paul A. Weber

What is a Statement of Work

The Statement of Work is the blueprint of your project. Like any blueprint, the SOW, spells out some very specific information about the who, what, when, where, and how of your project.

Why the SOW Is Important

As the blueprint of your project, the Statement Of Work lays out the project specifics. A well constructed SOW will point out the following information about the project in very specific and pointed terminology, so to avoid any confusion in regards to the project. Below are specific topics which should be included in your SOW.

  • Purpose: What is the purpose of the project. Why is the venture being undertaken.
  • Scope: What are the parameters of the project, in other words, what will be included in the project. Also, it’s very important to specify what is not included in the project.

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