Project cost estimation is the process of predicting the quantity, cost, and resources required by the scope of the project. Since cost estimation is about predicting the costs rather than determining the actual costs, a certain degree of uncertainty is involved.

The purpose of this assignment is to help improve the quality of the Key Assignment Draft that you will finalize next week. You will find your peers' insight and reflections very helpful in preparing the final draft of your Key Assignment.

• Fromyour assigned readingsor using your own experience, selectone of the tools and techniques used to estimate costs, and provide an example to describe how you would use it on a real project.
  • Discuss why you favored this tool or technique more than the rest.
• Describe the function and importance of cost control in managing a project.
  • Select 1 of the tools and techniques used for cost control, and provide an example to describe how you would use it on a real project.