Analogous estimating uses historical project data and expert insights to estimate costs for a new project.
Earned value management (EVM) helps assess cost performance by comparing planned and actual spending.
A contingency reserve accounts for unexpected expenses, helping to manage project risks and financial uncertainties.
The cost performance index (CPI) is a key metric that evaluates how efficiently project funds are being used.
Historical budgeting uses past expenditures to determine future budget allocations, ensuring consistency in financial planning.
Cost control ensures that project expenses remain within the allocated budget, preventing overruns and financial risks.
