Project Management is a methodology originally developed for the construction industry for controlling schedules, costs, and specifications. Over a period of time, it was discovered that the same techniques tweaked a little actually apply to all industries starting from manufacturing to the high technology operations.

Project management is an art of setting up all the components of a project together to work in sync. A logical approach to bind the various components together with effective planning improves the chances for a successfully delivered project. A real estate project differs from any other domain in terms of the number of different components it involves.

The complexity of these components if not dealt with maturity with a persistent approach may lead to disastrous results for the project. Though there are various ways of cost estimation for real estate projects, the unit cost for the bill of quantities works best. The easiest way to estimate is to break down the project into tasks.Once tasks are defined and resources are assessed with their respective quantities are mapped, it is then time to assign unit costs.Scale economies and diseconomies do have an impact which in turn results in a range applicable to all construction projects. While mapping the basic costs, it is also important for a project manager to take into account the joint costs involved. An allocation factor for cost bifurcation must be taken into account for accurate estimates.