Session4a - Estimating Projects Estimating Types of...

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1 of 18 Estimating Projects  Estimating The process of forecasting or approximating the  time and cost of completing project deliverables The task of balancing the expectations of  stakeholders and the need for control while the  project is implemented Types of Estimates Top-down (macro) estimates: analogy, group  consensus, or mathematical relationships Bottom-up (micro) estimates: estimates of  elements of the work breakdown structure
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2 of 18 Why Estimating Time and Cost Are  Important EXHIBIT 5.1 Estimates are needed to support good decisions. Estimates are needed to schedule work. Estimates are needed to determine how long the project should take and its cost. Estimates are needed to determine whether the project is worth doing. Estimates are needed to develop cash flow needs. Estimates are needed to determine how well the project is progressing. Estimates are needed to develop time-phased budgets and establish the project baseline.
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3 of 18 Evolving cost estimates +75% 25 10 -8 -25% -10 Error range decreases with each review
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4 of 18 Factors Influencing the Quality of Estimates Quality of Quality of Estimates Estimates Quality of Quality of Estimates Estimates Project Duration Project Project Duration Duration People People People Project Structure Project Structure and Organization and Organization Padding Padding Estimates Estimates Organization
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Session4a - Estimating Projects Estimating Types of...

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