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GAO issues cost estimating guide
Monday - 3/2/2009, 5:36pm EST
The Government Accountability office issued its first manual to help federal, state, and local government agencies develop more reliable project cost estimates.
Gene L. Dodaro, Acting Comptroller General of the United States and head of the GAO, says that the new guide gives the federal cost estimating community the tools they've needed for some time.
The 436-page guide, "Cost Estimating and Assessment Guide: Best Practices for Developing and Managing Capital Program Costs," lays out a multi-step process for developing high-quality, trustworthy cost estimates; explains how to manage program costs once a contract has been awarded; and presents 48 case studies that illustrate typical pitfalls and successes in cost estimating.
"Government agencies will be better able to avoid common problems, such as cost overruns, missed deadlines, and performance shortfalls," adds Dodaro.
The guide is available on the GAO's website.
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