Projects at Work

The Mechanics of Estimating

The thinking process and the conversations that support three-point range estimating contribute to the development of more accurate project estimates. Short-circuiting the process may appear to save time, but it is a false economy. Time spent estimating is not a cost; it is cheap insurance.


Bill Duncan

President, Project Management Partners

Consultant and trainer; primary author of the first edition of the PMBoK…
This article is the second in a three-part series on accurate estimating.
 
The first article in this series ("In Your Estimation") focused on definitions since many people use terms such as estimate and budget as synonyms when, in fact, they are very different. Here is a brief recap of the key definitions that we will use in this article:
 
Estimate. An informed assessment of an uncertain event. Informed means that you have an identified basis for the estimate. Uncertain recognizes that multiple outcomes are possible.
Effort. Effort is an expenditure of physical or mental effort on the part of a project team member. Effort is normally measured in terms of staff hours.
Budget. A …


Please login or register below to read the rest of the article

Subscribers login here:

OR

OR

Not a subscriber yet? Sign up here:

    You must have JavaScript and cookies enabled to use this website. Please enable javascript and refresh this page.
    How do I enable JavaScript in my browser? | How do I enable cookies in my browser?
  • First Name
    Last Name
  • Choose a password (at least 4 characters)
    Confirm your password
  • ProjectsAtWork is accredited under Return Path's Sender Score Certified™ Program. The Sender Score Certified Program helps to increase successful email delivery by requiring senders to adhere to a set of specific email standards. For more information, please see www.senderscorecertified.com.
  • please enter the text below:
  • You must have JavaScript and cookies enabled to use this website. Please enable javascript and refresh this page.
    How do I enable JavaScript in my browser? | How do I enable cookies in my browser?

ADVERTISEMENT

RELATED ARTICLES


RELATED COMPARISONS


SPONSORS

EVENTS

R S: "Excellent and practical ideas to promote an innovation culture. However, I someh…" on Build an Innovation Culture
July 30, 2016

Bart G: "@Sedat -- Thanks! @Greg - Excellent points, I especially like your third bull…" on When Agile Teams Need Help
July 29, 2016

Sedat D: "Thank You" on When Agile Teams Need Help
July 29, 2016

RAMESH P: "Profound ideas -- looking forward to Steve's book." on Build an Innovation Culture
July 29, 2016

 

TOP CONTRIBUTORS

Dave Prior

Agile Consultant, LeadingAgile
Dave Prior, PMP, CST, MBA is an Agile Consultant for LeadingAgile where …

Andy Jordan

President, Roffensian Consulting Inc.
Andy Jordan is a well known author and speaker on project management and…

Bart Gerardi

Director, Software Development, Audible.com
Bart has been in ecommerce for over 20 years, and can’t imagine a …

Beth Spriggs

Vice President, Technology, Leadership for Educational Equity
Author of The Project Manager’s Little Book of Cheats. Available o…

Kathleen O'Connor

I’m a freelance journalist and digital content strategist with 15+…

Aaron Smith

Editorial Director, ProjectsAtWork.com
Aaron has served as the editor of ProjectsAtWork since 2001, leading its…

BLOGS

TOOLS & TRAINING

project management software
     

Cloud portfolio management solutions to improve value contribution by connecting planning & execution through Project Portfolio Management (PPM) and Resource Management software. Innotas is named a "Leader" by Gartner, Forrester, and IDC.

project management software
     

With over 7 million users and 73,000+ organizations Smartsheet is an award winning online project management & task collaboration tool that is redefining how teams work.

     

Take your project delivery capability to the next level. Our PM and Agile training is practical and hard-hitting, focusing on the topics that make the most impact. We are a PMI R.E.P. and an expert in maximizing knowledge transfer.

project management software
     

Mavenlink delivers enterprise-class Software as a Service (SaaS) that transforms how businesses work with distributed teams around the globe. Our software combines collaborative project management with resource planning and business insights.

ADVERTISEMENTS