Basic estimation techniques
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| − | When managing a project, a manager has to achieve specific | + | When managing a project, a manager has to achieve specific objects within time, human resources and cost. This can often be challenging, as there is a lot of uncertainty in doing so. How can the amount of time for each activity be calculated? How many resources are needed to complete every task? And how much will the project cost in the end? |
This article deals with answering all these questions and focuses on how to come up with educated guesses to these uncertainties. In the first section, a definition of what an estimate is and why it matters will be given. Here | This article deals with answering all these questions and focuses on how to come up with educated guesses to these uncertainties. In the first section, a definition of what an estimate is and why it matters will be given. Here | ||
Revision as of 17:45, 19 February 2019
Contents |
Abstract
When managing a project, a manager has to achieve specific objects within time, human resources and cost. This can often be challenging, as there is a lot of uncertainty in doing so. How can the amount of time for each activity be calculated? How many resources are needed to complete every task? And how much will the project cost in the end?
This article deals with answering all these questions and focuses on how to come up with educated guesses to these uncertainties. In the first section, a definition of what an estimate is and why it matters will be given. Here A variety of different best practices used in the estimation process will then be presented. Some of these techniques are more complex than others and will therefore require a more detailed explanation. There will be given examples on how and when to apply these methods, to give an understanding of which techniques to use in a certain situation. Furthermore, a general step-by-step guideline to estimating correctly will be provided.
Lastly, the challenges and limitations of using these tools will be discussed, as these can variate in accuracy depending on the size and the type of the projects. The involved risks when estimating will also be covered here.
Estimation tecniques
Expert judgement
Analogous estimating
Parametric estimating
Three-point estimating
Data analysis
Simulation
Statistical analysis
Decision making
Meetings
Learning curve
What if analysis
Bottom-up estimating
Top-down estimating
Applications
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Limitations
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References
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