Create a cost estimate for your assigned project. Once you have created the estimate, prepare a brief memo to the project sponsor informing them of the estimated cost of the project. Be sure to provide the sponsor with details regarding the estimate. For example, you might include information on the type of estimate, provide details on how you will report variances to the estimate, and provide a breakdown of costs that comprise the estimate. The purpose of your memo should be clearly stated in the first paragraph. You should also be sure to close the memo properly by stating any follow-up actions, next steps, or offer your contact information for questions.