The volume of the localization is part of the project plan, but calculating it can be done in more detail even once the project plan has been set. The project plan is often made before the actual source material becomes available, and it is based upon estimates of the likely volumes.
Once source material is available, it is important to do word counts and work duration reassessment. These serve two objectives: updating the budget, and adjustment of the project schedule.
It is very important that this data is communicated to the vendor at the earliest possible moment. The vendor needs to ensure that the right translators are available for the expected volume.