You are now ready to apply costing methods, tools, and techniques to your project. There are many of these available to assist you in determining your overall budget, as well as to estimate the durations for individual tasks. These methods could include the following:

• Expert judgment
• Analogous estimating
• Parametric estimating
• Bottom-up estimating
• Three-point estimating
• Reserve analysis
• Cost of quality
• Project management estimating software
• Vendor bid analysis

You will be responsible to estimate your budget for your Key Assignment project. You should apply2 of the above methods to determine a worst-case scenario budget. Please put your calculations in a spreadsheet similar to the following: