Understanding the equilibrium between these three elements of multimedia project estimates - "People, Time, and Money" - is critical to ensuring that every project has an equal chance of success.
<h3>Why does time, money, and people vary in project estimates?</h3>
The project plan and the estimate, which specifies the scope of work, are the backbone of the proposal.
Project estimates can be affected by three factors:
- Time
- Money
- Personnel or people
Payments are normally made in three parts, and the time at which they are to be made is predetermined.
Establishment charges may be included in the first instalment of a progressive payment plan. The client or customers owns the completed work for which they have paid. The agreement/contract determines the definition of ownership.
Analyzing the activities associated with the project as well as the individuals that construct it is how cost estimation is done. Multimedia project billing costs typically vary from $60 to $150 per hour.
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