GAO Cost Estimating and Assessment Guide: Best Practices for Developing and Managing Capital Program Costs

GAO Cost Estimating and Assessment Guide: Best Practices for Developing and Managing Capital Program Costs

The CAST / Galorath meeting in the Washington DC area included excellent presentations and speakers. Thanks to GAO’s Karen Ritchie for her presentation covering the GAO Cost Estimating and Assessment Guide.

Karen’s presentation: GAO Cost Estimating and Assessment Guide: Best Practices for Developing and Managing Capital Program Costs covered the need for repeatable estimating process, and the concepts and lessons learned from the cost assessment guide.

GAO-12-step-process

 

Purpose of the Guide is to

  • Address best practices for ensuring credible program cost estimates for both government and industry
  • Provide a detailed link between cost estimating and Earned Value Management (EVM)
  • Highlight OMB’s endorsement of  EVM for measuring cost, schedule, and technical performance
  • Guide demonstrates how realistic cost and schedule estimates are necessary for setting achievable program baselines and managing risk

The guide includes a 12 step estimating process as well as checklists for auditing estimates and estimation processes.

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