Improving Quality of Project Estimation
It is clear that estimating a project is important for the project manager to determine how long the project would take, to figure out how much the project would cost, to decide whether the project is worth doing, to measure variances against the baseline plan, and to take corrective actions. However some project managers nowadays tend to put minimum effort on their estimations which is the primary reason why their projects slip or fail to be delivered. Although achieving accurate estimates is desirable, there still remain a hidden uncertainty that can not be factored. Besides, while accuracy in estimating incurs extra costs and inaccuracy leads to unpleasant outcomes and customer discontent. the process of project estimating then becomes more like a balance of benefits between the two.
This post is divided into three parts:
- The first part highlights seven factors that influence the quality of project estimates
- The second part provides six guidelines that help in improving those estimates
- The third part discusses four reasons that might cause those estimates to be readjusted later throughout the course of the project.