The most effective means of determining the cost of a project can be achieved th

Question

The most effective means of determining the cost of a project can be achieved through Cost Estimating Validation Procedure (CEVP). It represents the project cost range and the uncertainty involved. It is a prediction of the quantities, cost and price of resources required by the scope of a project. Cost management is the business. The cost estimate is of paramount importance to the success of a project. CEVP’s purpose is to evaluate an estimate of probable cost early in the development and decision process for a project, in order to identify a reasonable target cost. It also identifies cost and schedule risk associated with the project. It provides risk management tools and processes and thereby deliver the promised projects in accordance with the established target cost and planned schedule.

Explanation / Answer

What do you believe is the most effective means of determining the cost of a project?

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.