Bill DuncanPresident, Project Management Partners
Consultant and trainer; primary author of the first edition of the PMBoK…
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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 …
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