A new working group, led by Kym Henderson, has been established within ISO Technical Committee 258 to advance the development of a new International Standard focused on cost estimating in project, programme, and portfolio management.
Working Group 18 (WG18) has been created to lead this important initiative, which aims to provide globally recognized guidance on the principles, practices, and processes required to develop reliable cost estimates throughout the life cycle of projects and programmes. The work reflects growing global demand for greater consistency, transparency, and comparability in cost estimating practices across industries and organizations.
The new working group will be led by Kym Henderson, an experienced project controls professional and long-standing contributor to international standards in project management. Henderson has played a key role in the development of several standards within the ISO project, programme, and portfolio management series, including leadership roles in initiatives related to earned value management and work breakdown structures.
WG18 will focus on developing a standard that establishes a structured framework for cost estimating. The standard is expected to address areas such as governance and organizational frameworks for cost estimating, the use of recognized estimating techniques—including analogous, parametric, bottom-up, and expert judgment approaches—and the integration of cost estimating with related project management processes such as scheduling, risk management, budgeting, and earned value management.
The Outline submitted with the new proposal ballot provided a suggested structure of the new standard, focused on providing comprehensive guidance across the full cost estimating lifecycle. The proposed framework includes foundational concepts and principles of cost estimating, the strategic uses and benefits of cost estimates, and a detailed cost estimating framework covering governance, planning, data management, and estimating methods. It will also address modern analytical approaches—including probabilistic estimating, risk and uncertainty analysis, and emerging techniques such as artificial intelligence and advanced analytics. Additional sections will focus on documenting and updating estimates, integrating cost estimating with project performance management practices such as earned value management, and ensuring robust validation, benchmarking, and independent review. Informative annexes will further support practitioners with guidance on statistical foundations, estimate maturity, data and analytics considerations, and the management of contingency and reserves across projects, programmes, and portfolios.
Another key element of the work will be guidance on managing uncertainty in estimates, including approaches for sensitivity analysis and risk-informed estimating practices. By addressing these topics, the new standard will help organizations improve the reliability of cost forecasts and strengthen decision-making throughout the project life cycle.
The standard will be designed for broad applicability, supporting public, private, and community organizations and projects of varying sizes and levels of complexity. Once published, it is expected to complement existing standards in the ISO project, programme, and portfolio management series, including those addressing earned value management and work breakdown structures, helping to strengthen the integration of cost, schedule, and performance management practices.
The establishment of WG18 marks an important step forward in the continued development of the international standards framework supporting project, programme, and portfolio management. Experts from ISO member bodies and liaison organizations will collaborate within the working group to develop the new standard over the coming 3 years.
TC 258 encourages interested members to follow the progress of this important work as it develops.
Interested experts are invited to participate and contribute to the development of this proposed new standard by registering through their respective National Standards Bodies or liaison organizations.
