Washington DC: The US Government Accountability Office (GAO) just released on March 12, 2020, the new update of their standard COST ESTIMATING AND ASSESSMENT GUIDE: Best Practices for Developing and Managing Program Costs. This update received contributions and reviews from a panel of selected international experts, including Alexandre Rodrigues, Executive Partner of PMO Projects Group. This GAO Standard is publicly available here.
The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for Congress. Often called the "congressional watchdog," GAO examines how taxpayer dollars are spent and provides Congress and federal agencies with objective, reliable information to help the government save money and work more efficiently.
For example, the GAO identified $214.7 billion in financial benefits in fiscal year 2019—a return of about $338 for every $1 invested in us. They also identified 1,418 other benefits that led to program and operational improvements across the US government.
Legislators, government officials, and the public want to know whether government programs are achieving their goals and what their costs are. To make these kinds of evaluations of the latest ship, IT system, or other acquisition, reliable cost forecasts and updates are required.
The GAO developed this guide, initially published in 2009, to provide agencies across the government with a way to produce reliable, high quality cost estimates. It outlines key steps in the estimating process.
The guide includes improved descriptions of cost estimating steps, additional technical information, and an updated format.
Learn more about this standard and the US GAO here.
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