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What are the factors that affect cost estimation?

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Can someone please list the factors that affect cost estimating in projects? No need to explain the factors, a fast bullet list would be just fine.
asked 4 years ago by anonymous

1 Answer

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The factors affecting cost estimation are:

- Time: How much time the project will take
- Previous estimates: How much did it cost us to estimate a similar project
- Location: Where is this project undertaken, as material cost and labor cost vary substantially from one please to the other.
- Quality: How good we want this project to be. Obviously, better quality = higher cost.

Another factor that might be considered is competition.
answered 4 years ago by FastProjectManager (9,700 points)

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