ABSTRACT
An accurate estimate of project costs is necessary for subsequent management decisions and control. Common practice in project cost estimating is to nominate one currency as the control currency for the project and then to convert all estimated costs into that currency using carefully chosen exchange rates. Estimates made with a high degree of confidence greatly assist those responsible for any competitive pricing decision, and accurate estimates improve the effectiveness of cost budgets and resource schedules. Some companies classify cost estimates according to the degree of confidence that the estimators can express in their accuracy. Classification and coding of work and cost records can be a great help when it comes to making such a search. Together with documentation specified in the proposal or contract, are software tasks which must usually be allowed for in the estimated costs. The task list must include not only all the obvious items of project hardware, but also every associated software job.
