Having reviewed the particular project policies and deeply analyzed historical data from my contract undertakings as well as project WBS that best suits this particular case, I have concluded that the project will cost approximately $2,000,000. I firmly believe this is the best project cost estimate due to the need to ensure a high-quality end product that will ensure the company’s goodwill is intact. I have no doubt in my estimation, which I have reviewed multiple times, first using parametric project estimates and finally bottom-up estimation. With the latter, I have been able to break down the intricate aspects of costs associated with the project, hence, accurately determining all the necessities with high-end precision. The above was in a bid to ensure I do not trade the quality of the end product with any other factor that could directly or indirectly affect the project.
With the level of accuracy that I have employed in the estimation of anticipated costs such as labor, equipment, and materials required, project management software cost, travel, and administrative costs, I believe that none of the fundamental undertakings related to the project will be affected by financial constraints as a result of inadequate planning( Meredith et al., 2017) . My objective in settling on the above amount is to ensure that the company gets financial benefits from the whole project, while at the same time ensuring it continues being highly competitive in the market niche it operates in.
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Other than the preference of quality over high profit margins that could have possibly blotted the budget to a large extent, I have also factored in project management risks. This is an aspect that will ensure unanticipated threats and uncertainties that are likely to pop up at any time of the execution of the project’s plan will not affect other fundamental variables such as time required to complete the project as well as the overall cost ( Meredith et al., 2017) .
References
Meredith, J. R., Mantel Jr, S. J., & Shafer, S. M. (2017). Project management: a managerial approach . John Wiley & Sons.
