When conducting a historical cost analysis, the most relevant data is cost information from previous projects. This type of data provides actual costs incurred on similar projects in the past, which can serve as a reliable baseline for estimating future project costs. It allows estimators to analyze trends, identify variances, and make informed decisions based on concrete examples of expenditures on materials, labor, and overhead.
Using historical data enhances the accuracy of estimates, as it reflects real-world scenarios rather than projections or assumptions that might not account for the specific circumstances of a new project. It also helps in making comparisons and adjustments for changes in project scopes, market conditions, or productivity levels observed in the past.
The other types of data mentioned do not provide as direct a basis for historical cost analysis. Unapproved vendor pricing, for instance, lacks validity as it does not represent actual costs paid. Current market conditions, while important for understanding price fluctuations, do not give insight into past costs and may not apply directly to the upcoming project. Standard labor durations can inform planning and scheduling but do not equate to actual historical costs incurred. Therefore, cost information from previous projects stands out as the most relevant for this type of analysis.