§1 Parametric Estimates
Utilised for activities where a statistical relationship exists between historical data and variables (e.g. cost per unit, square metres, output rate).
| ID | Cost Variable | Cost per Unit | Number of Units | Cost Estimate |
|---|---|---|---|---|
§2 Analogous Estimates
Used when limited project detail is available, drawing on the actual cost of previous, similar activities as the basis for current estimates.
| ID | Previous Activity | Previous Cost | Current Activity | Multiplier | Cost Estimate |
|---|---|---|---|---|---|
§3 Three-Point (PERT) Estimates
Guidance: Utilises PERT (beta) weighting where the Expected Cost tE = (O + 4M + P) / 6. Recommended for activities containing significant uncertainty.
| ID | Optimistic (O) | Most Likely (M) | Pessimistic (P) | Equation | Expected Cost |
|---|---|---|---|---|---|
§4 Bottom-Up Cost Estimating
Decomposes selected work packages into detailed cost components. Activity-level reserve covers uncertainty in the individual estimate; project-level contingency is tracked separately.
| ID | Labour Hrs | Labour Rate | Total Labour | Material | Supplies | Equipment | Travel | Other Direct | Indirect | Reserve | Estimate |
|---|---|---|---|---|---|---|---|---|---|---|---|