PPMP20013: Define & Apply Estimating Processes - Week 4 Portfolio

This portfolio focuses on defining and applying estimating processes and concepts within project management, emphasizing the critical role of accurate budgeting and cost management in project success. It highlights the importance of regularly updating cost estimations based on project variances and tolerance levels, aligning estimation methods with project stages, and leveraging automated tools to minimize errors. The portfolio also covers the significance of considering both tangible and intangible benefits, conducting cost-benefit analyses, and involving senior leaders and subject matter experts in the estimation process to identify and mitigate potential risks. Furthermore, it underscores the need for a robust risk management plan to address costing and budgeting risks, ensuring effective treatment and control throughout the project lifecycle. References to relevant research articles support the discussion on overhead costs, transaction costs, design error costs, and the impact of rework on cost management in construction projects.