Basic estimation techniques

Revision as of 18:58, 21 February 2019

Abstract

When managing a project, a manager has to achieve specific objects within time, resources and money. 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. A variety of different best practices used in the estimation process will then be presented. Some of these practices 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 certain situations. 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.

Definition of estimation

Estimation tecniques

Expert judgement

Analogous estimating

Parametric estimating

Three-point estimating

Data analysis

Decision making

Meetings

Learning curve

Simulation

Bottom-up and top-down estimating

Critique of estimation techniques

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References

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