Project estimation helps project managers and stakeholders obtain a sense of how long a project will take, what kind of resources are needed, and what deliverables will be required for project completion. As a design project progresses, it is common for project management teams to produce multiple estimates during the preliminary design, detailed engineering, and tendering phases. The completed project estimates become more accurate as the project’s level of definition increases. HSE follows the DOE 413.3 guide for cost estimating, utilizing a five-level system of cost estimate classifications.

 

A well structured and managed schedule is an impressive controlling tool that in combination with sophisticated software packages, allows project controllers and project managers to integrate multiple sources of information, to produce vital status updates and forecasts during the project lifecycle.