What are the various techniques used to estimate cost?

Task 5 Planning a Project, Part 2 – Schedule and BudgetAfter the project scope has been determined, the next step is to use the scope and WBS to create a schedule and a budget. Scope, Time and Cost are commonly known as the “Triple Constraint”.Read Schwalbe Chapter 5, Planning Projects, Part 2. Critical concepts to capture include what a milestone is; what are dependencies between tasks and the various relationships; what is the critical path; what are the various techniques used to estimate cost?Learn about building a project schedule.Review the LinkedIn Learning course, Microsoft Project 2013 Essential Training, sections 3 and 4 on “Creating Tasks” and “Linking and Timing Tasks.”WatchPlay VideoLearn about building a budget for a project.Review the LinkedIn Learning course, Project Management Foundations, Section 4, on determining cost.WatchPlay Video.WatchPlay Video.Build a budget for your project. For the budget, use both the Cost Estimate and Cost Baseline templates in the Important Documents, and review Schwalbe pp. 175 -180 about their use. Note that the first step is the estimation. Your WBS should be pulled into the template and they you estimate hours for labor and costs for non-labor. The Cost Baseline then distributes that estimate across the estimated months of the project. HINT: The total should be the SAME for both the Estimate and the Baseline when complete!!Submit Here.