Cost estimation

My company is planning to implement a number of new projects in this coming year. However, due to the recession, we are a bit wary about spending on projects which might eat into our budget more than we planned. That is why my boss told me that he wants me to use some software cost estimating tools to determine, in advance, which projects would likely run into cost, schedule, or resource overruns. Cost estimation can help avoid unnecessary costs and help our organization be much more profitable. With its help, we will also be able to make sure that all project managers have equal project and software estimation expertise.