Estimating development costs can be a complex process, but it generally involves the following steps:
Identify Tasks: Break down the project into smaller tasks and activities. Resource Allocation: Determine the resources needed for each task, including personnel, equipment, and materials. Costing: Assign costs to each resource and activity. This may involve consultations with suppliers and vendors. Contingency Planning: Add a buffer for unexpected expenses, usually around 10-20% of the total estimated cost.