Analogous Estimation Vs Parametric Estimation

iZenBridge

As a Project Manager, doing project ESTIMATION is a key responsibility but how often are we able to deliver the project under budgeted cost and time? What will help in this scenario would be the right understanding of estimation tools and techniques. There are many techniques for project estimation like Bottom-Up Estimation, Parametric Estimation and Analogous Estimation. To start with, let’s understand Analogous Estimation, what exactly does it mean?

PMO Best Practices: 7 Steps for Better Schedule Management

MPUG

A few years ago, I was hired as a Project Management Office (PMO) consultant for a software products company. My assignment was to setup their PMO, implement best practices, and oversee projects for twelve months before handing over the setup to the client.

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5 Ingredients for PMO Success

Brad Egeland

Often times at the heart of a successful project management practice is a project management office, or PMO, that has been structured to create a path of success for company projects and the project managers who lead them. From my experience, there are five key ingredients to a successful PMO.

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Project Estimation Methods

Planview

The following content is based on the whitepaper, “Bigger Than a Breadbox: 10 Tips for Better Project Estimates, Part 1,” written by Jerry Manas. Guess you could say it’s the GPS of estimating. The GPS of Estimating. Contributor estimates. Leveraging contributor estimates.

10 Point Checklist for Better Project Estimates

Planview

The following content is based on the whitepaper, “Bigger Than a Breadbox: 10 Tips for Better Project Estimates, Part 2,” written by Jerry Manas. Part 1: Improve Project Estimates and Escape Crisis Mode. Use Horizon-Based Estimates. Part 3: Project Estimation Methods.

Top Tips for Realistic Project Estimations

Strategy Execution | PMO Perspectives

Poor estimation is a major cause of project failure. According to the PMI, inaccurate cost estimates is a contributing factor in 28% of projects that fail. Producing Realistic Estimates for Strategic Projects. Why Estimations Go Wrong. How else can we estimate it?

10 Ways to Engage Project Stakeholders

Project Risk Coach

Engage your stakeholders in the estimates. Ask the people that will do the work for estimates. And help stakeholders to understand that there is greater uncertainty in the early estimates. Commit to providing refined estimates as your projects progress.

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Enterprise Agility in Financial Services: Learnings from the 2019 Planview Horizons Customer Conference

Planview

We facilitated a roundtable discussion of our customers at the 2019 Planview Horizons Customer Conference where enterprise agility in financial services organizations was discussed.

2020 89

The Ultimate Guide to Easy Dashboards for Projects

Girl's Guide to PM

You can show real time budget variance and estimate to complete. A project portfolio dashboard would be a good solution for a PMO, as it can show you the status on multiple projects at the same time. How do you get a quick overview of what is happening on your project?

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No points in projects!

Musings on Project Management

There should be no points in projects That is, there should be no single-point estimates -- old news to be sure, but timeless But also there should be no single points of simultaneity, like events finishing "at the same time". Is "now" not often a point in the PMO schedule? estimate Project Management schedule

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Project Management Tools and Services to Consider for 2020

Brad Egeland

Plus, according to their product roadmap that I've discussed with them, they will be strengthening this even more in their upcoming 2nd gen agile planning and controlling component in their next major release 19 due later in 2019.

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Lean Portfolio Management: Lean Budgets and Investment Funding

Planview

Business units present their ideas to the PMO in an annual planning meeting. IT provides cost and time estimates and executives prioritize funding based on perceived value delivery in 12-18 months or longer. In traditional organizations, this power resides with the PMO.

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Lean Portfolio Management Operations: An Agile Approach

Planview

Traditionally, in an effort to maintain alignment and consistency across the portfolio, organizations have dedicated a centralized Program Management Office (PMO) to planning, program management, and solution definition. Didn’t we just say that a centralized PMO undermined LPM?

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Project Management Q&A: I’m Getting Nowhere with My Job Applications. What am I Doing Wrong?

Arras People

Roles to look out for are co-ordinators; officers; analysts; controllers; planners and some will have PMO in the title. Anything where you’re able to demonstrate your knowledge of project management principles like planning, estimating, budgeting, working with a team, working on something with a specific successful outcome. I’ve applied for over 50 positions in the last few months and I’m getting nowhere – no feedback, no interviews. What am I doing wrong?

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Strategic Planning: The Types of Planning That Bring Your Strategy to Life

Planview

You can estimate the costs, benefits, and revenue associated with these initiatives, aligned with your organizational financial data model, to develop the business case for the program. Lean and Agile PMO

Roadmapping: An Essential Planning Practice to Deliver Outcomes

Planview

Estimate the costs, benefits and revenue associated with each outcome. Lean and Agile PMO

2019 118

It’s Time to Start Planning for Resources

Planview

The following content is based on the whitepaper, “Bigger Than a Breadbox: 10 Tips for Better Project Estimates, Part 2,” written by Jerry Manas. These issues are often not a matter of project managers being unable to estimate—it’s generally a problem of the underlying process.

6 Reasons Why Projects are Late

Planview

The following content is based on the whitepaper, “Bigger Than a Breadbox: 10 Tips for Better Project Estimates, Part 2,” written by Jerry Manas. So far in this series, we’ve examined a number of ways to improve problems with project estimates. Part 3: Project Estimation Methods.

How Risk Management is Crucial to Project Management

Planview

The following content is based on the whitepaper, “Bigger Than a Breadbox: 10 Tips for Better Project Estimates, Part 2,” written by Jerry Manas. It should be estimated based on the cost of the probable risks in question. Eating the Elephant (Estimating Mega-Projects).

Getting Started with Agile Portfolio Management

Keyedin

Tom Raper, our excellent Director of Product Solutions, had the opportunity to present a session at the PMO Symposium earlier this month. You can also read more about our key PMO Symposium takeaways. Your PMO should translate the needs of leadership to action, while also providing data that allows them to adapt mid-deliverable. Measurement: Start with high-level estimates that identify basic level of effort and planning over simple time frames.

A Look into the Relationship Between Demand Management and Project Management

Planview

Generating an initial rough estimate and solution direction, and assessing high-level resource requirements. Using a portfolio-driven approach, project portfolios are regularly updated with actuals and current estimates, including cost, effort, and milestone progress.

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Project Management Glossary: 200+ Terms PMs Frequently Use

Epicflow Blog

Activity Duration Estimates Review . is a process of detecting risks related to the time allowances for activities in particular or a project in general, with the width of estimates range indicating a respective level of risk. Analogous Estimating . Bottom-Up Estimating .

Project Management Glossary: 200+ Terms PMs Frequently Use

Epicflow Blog

Activity Duration Estimates Review . is a process of detecting risks related to the time allowances for activities in particular or a project in general, with the width of estimates range indicating a respective level of risk. Analogous Estimating . Bottom-Up Estimating .

Why You Should Align Strategy, Financials, and Execution

Planview

As for financials, as progress is reported against program or project baselines, current estimated costs should be updated to the investment portfolio’s financial plan. PMO Vision and Trends

Getting Into Project Management – Five Steps to Take

Strategy Execution | PMO Perspectives

Imagine a conversation that starts, “… you know, a role in a PMO might be a good place for you to start…” and ends , “….er er what’s a PMO??” Do you need to understand estimating or scheduling better? This post first appeared on PMO Perspectives Blog.

The core components of IT Portfolio Management

Keyedin

1 Build a registry: Portfolio management begins with gathering a detailed registry of all the projects in the company, ideally in a single database, including name, length, estimated cost, business objective, ROI, and business benefits. #2

The Project Revolution: How to Succeed in a Project Driven World

Strategy Execution | PMO Perspectives

This post first appeared on PMO Perspectives Blog.

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Is It Possible To Have Too Much Data?

Meisterplan

Or , imagine your company promised a customer a project would be completed in three months, but the development team in charge of the project estimates it will take at least six months. Imagine this: Your project landscape is getting more complicated and confusing all the time.

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The Future of Resource Management: Are You Prepared?

Keyedin

If they have an entire PMO to manage, this skill might very well hold the key to that PMO’s future—as a trusted business partner or as a department that produces very little business value and may very well be on its way out. The future PMO may consist of automated assignments handed out to workers across the globe using multiple languages and possessing specialized skills, with artificial intelligence (AI) literally running the whole thing.

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Business Analysis for Internet of Things (IoT) Projects

Strategy Execution | PMO Perspectives

Then, with the advent of cloud-based business intelligence and web analytics tools, it became possible for everyone to customise market demand estimations, explore KPIs and to see click-through metrics. This post first appeared on PMO Perspectives Blog.

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How to Carry Out a Schedule Risk Assessment

Strategy Execution | PMO Perspectives

Although internal peer review (by PMO using subject matter experts from another team) had always been carried out, the company typically found itself unable to deliver on time. The Basis for Duration and Resource Estimates. This post first appeared on PMO Perspectives Blog.

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PM Experts on Why Projects Fail – Epicflow Research Part 1

Epicflow Blog

Over 50% of our respondents mentioned lack of proper planning and estimates to be among the biggest challenges. Eigen Halpin , a PMO Manager at Cisco, emphasizes the importance of proper organization, which presupposes clear roles and responsibilities across teams. Richard Bernheim , a former IT PMO Project Manager at Flowers Foods & Subsidiaries, says that management often makes the mistake of “not knowing how to effectively handle people’s challenges.”

Burning Questions: Portfolio Planning

Keyedin

Some type of estimate is needed to assess the impact of a project, but KeyedIn does not require a full project plan. Our solution allows PMs to build forecast estimates without the entire project schedule. For scenario modeling, our clients typically have a mix of complete project plans and forecast estimates (especially with unapproved project ideas). Question #2: What advice do you have for a PMO with a lack of corporate strategy & vision?

Five Steps to Rapid Recovery of Failing Projects

Strategy Execution | PMO Perspectives

Examine variances by estimator. Obtain new estimates for the next period from the estimator. This post first appeared on PMO Perspectives Blog. Project failure can occur for an infinite number of reasons. Sometimes it’s out of your control.

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The core components of IT Portfolio Management

Keyedin

1 Build a registry: Portfolio management begins with gathering a detailed registry of all the projects in the company, ideally in a single database, including name, length, estimated cost, business objective, ROI, and business benefits. #2 2 Identify strategic objectives: This involves a business compiling a list of projects during the annual planning cycle and supporting them with business cases that show estimated costs, ROI, business benefit and risk assessment and so on.

Burning Questions: Portfolio Planning

Keyedin

Some type of estimate is needed to assess the impact of a project, but KeyedIn does not require a full project plan. Our solution allows PMs to build forecast estimates without the entire project schedule. For scenario modeling, our clients typically have a mix of complete project plans and forecast estimates (especially with unapproved project ideas). Question #2: What advice do you have for a PMO with a lack of corporate strategy & vision?

Is Your Strategic Project at Risk Due to Poor Implementation of Proven Project Management Practices?

Strategy Execution | PMO Perspectives

Risk management, for instance, has little value if all we do is log the risks and assign ownership and mitigating actions, without subsequently following up and taking these risks into consideration when planning, estimating and executing the project.

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Project Governance: Establishing an Effective Steering Committee

Strategy Execution | PMO Perspectives

Provide a financial overview in the form of actual spend compared with the budget as well as remaining spend compared with the estimate to completion. This post first appeared on PMO Perspectives Blog.

Calculating the Return from your Project Portfolio Management Investment

Keyedin

Whether implementing a Project Portfolio Management tool across IT, Professional Services or your PMO the investment can be significant. Download our PPM ROI Calculator – based on real world examples – to get your best estimate total return based on your number of project managers and project delivery personnel. The great news is the benefits and payback can happen fast. In our experience there are two key areas to focus on: Return on Investment (ROI).

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Okay Google, “What Is Project Management?”

Meisterplan

All you need from the project lead right now is a good estimate of what resources are needed, when they are needed, and what can be achieved with those resources. In this case, the same applies to your PMO.

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