Estimating costs

This week the Government Accountability Office (GAO) issued a Cost Guide that was developed to "establish a consistent methodology...for developing, managing, and evaluating capital program cost estimates" for federal agencies. Generating reliable cost estimates is also critical to supporting the Office of Management and Budget's (OMB) capital programming process. The guide provides principles for government managers and auditors to assess (1) the credibility of a program's cost estimate for budget and decision making purposes, and (2) the program's status using earned value management (EVM), a project management tool.

GAO Cost Estimating and Assessment Guide: Best Practices for Developing and Managing Capital Program Costs
      Report (pdf, 438pp/4.4MB)
      Summary