Credible cost estimates

Every step of project management requires credible cost estimates in order to practice responsible financial management.

Unreliable cost estimates may cause enterprises to suffer from a lack of profitability, a loss of reputation, or even liquidation if the mismanagement is severe enough that it cannot be fixed by the company’s banks. A cost estimate, then, is the total cost of a project’s capital expenditures. While I am not responsible for estimating costs, the 2020 head count, which has drawn much media interest over the past month, will be the main topic of this presentation.

The estimated cost of the 2020 census is $12.5 billion.

This is estimated to cost each household about $100 each. It aims to count about 334 million people and has redesigned the census conduction methods (Lowenthal). The figures were arrived at using regression and historical cost methods. Regression analysis was the determinant of cost per homestead and historical costs were analyzed to come up with a rough expected value to start calculation at based on previous census budgets. Despite the closeness, in design, the costing methods used are a bit complex compared to what was enumerated in chapter two (Orgrysko).

These estimates can be improved to reduce the taxpayer burden that they inflict.

To get better estimates some associated for instance the canvassing could be used to reduce costs. Estimated field work costs could be reduced to reduce labor costs. Better information technology systems can be employed to ensure that the process is efficient and pocket-friendly. By singling out these associative costs the aggregate totals can be made accurately.

Works Cited

Lowenthal, Terri Ann. “Census Project Urges Full Funding in FY 2017 Budget for 2020

Census and American Community Survey.” The Census Project, 18 Feb. 2016. https://censusproject.files.wordpress.com/2016/01/censusproject-fy17appropriationsletter-feb2016-rls-final.pdf. Accessed 31 Aug. 2017.

Orgrysko, Nicole. ”2020 Census may cost more than original estimates without full congressional funding.” Federal News Radio, 25 Jul. 2017, https://federalnewsradio.com/management/2017/07/2020-census-may-cost-more-than-original-estimates-without-full-congressional-funding. Accessed 31 Aug. 2017.