Resources for Estimating Cost

 Week 5 - ESTIMATING COSTS AND ALLOCATING RESOURCES

        Several articles and learning materials I read advised project managers to use their previous experiences to calculate the cost of resources to create a budget. I do not have much experience with creating budgets. Therefore, I searched the internet to find examples of project estimates and created budgets to help me gain knowledge of how to apply time and price to duration and effort.  

Resource 1

Website: YouTube

Video 1: How to Create a Project Budget https://youtu.be/ecs9oUe2dZk   

Video 2: The ABCs of Project Cost Management https://www.youtube.com/watch?v=iEndSB5IgQM

Business Productivity Specialist Adriana Girdler has a YouTube Channel to help the new project manager develop their skills.  The videos on this channel cover a multitude of project management topics. Two videos concerning project costs were helpful in explaining the steps of creating a budget and the ABCs of managing costs.  I appreciated the videos because Adriana does a good job of connecting the components of a project plan to budget development and management.

Resource 2

Website: ProjectManager

Article: How to Make a Project Budget: Project Budgeting Basics (Templates Included)

Link: https://www.projectmanager.com/training/create-and-manage-project-budget

            ProjectManager has become a favorite resource for project management templates.  In this particular article, there are three cost estimate templates that are free to download and use immediately. In addition to these handy resources, the article breaks down the steps for creating a project estimate and the difference between a project estimate and a project budget. There is also a training video for creating a budget estimate that aligns with the steps in the article.