⟩ How to estimate the cost of projects?
1. Create the WBS of the project.
2. Assign TeamMember for each Task
3. Prepare the schedule of the Project.
4. Calculate the Effort based on the schedule & Number of
Team members
For example:
Project Shedule is 2 Month with 2 Team Member( Considering
8 Hrs per day)
That Means Effort is 4 Manmonths
Assume that Per Hour cost is 20$
One day cost per resource is 8 * 20 = 160$
One day Cost for two resources are 165*2 = 320$
Number of Working days in one Month is 22 days.
Number of Working days in 2 Months are 2* 22 = 44 days.
Add 4 Hours of Project Management that means Number of
days for project Management is 22 Days.
Total Number of days = 44+22 = 66 days
The Total Poroject Cost = 66 *320$ = 21120$
( Note: I have Assumed cost per hour is 20$ for Project Management Also. This cost may be diferent
I have Considered this Project executed @ offOsore
Onsite Cost will be more.
If the project is executed in ofshore/Onsite model , cost
will be diferent))
