Chapter 3: The Characteristics of Credible Cost Estimates and a Reliable Process for Creating Them

In this chapter, we introduce the characteristics of a high-quality, reliable cost estimate, the best practices associated with developing those characteristics, and an established, repeatable process that governs the execution of the best practices. We describe how the process, if prudently implemented, results in an estimate that reflects four distinct characteristics of a reliable cost estimate. Finally, we describe how the Cost Guide displays this information by presenting each step as its own chapter with associated process tasks and best practices.