M3.1 Cost Estimating & Basis of Estimate

By the end of this section, the learner should be able to turn authorised scope and available project information into a traceable cost estimate whose quantities, rates, productivity assumptions, methods, exclusions and uncertainty can be understood, challenged and reproduced. They should be able to select estimating methods that are proportionate to the maturity of the scope, build and reconcile estimate components through the project control structure, use quotations, historical data and benchmarks intelligently, test the estimate for reasonableness, and document the Basis of Estimate (BoE) so that another competent practitioner can understand not only the number but how and why it was produced.