Remove Budget Remove Estimate Remove Risk Remove Software

Cost Estimation for Projects: How to Estimate Accurately

ProjectManager.com

Good cost estimation is essential for keeping a project under budget. Many costs can appear over the life cycle of a project, and an accurate estimation method can be the difference between a successful plan and a failed one. Estimation, however, is easier said than done.

Ask a PM: How to Get Proper Estimates

LiquidPlanner

How do you deal with a team that refuses to estimate how long tasks will take? Estimating can be done in several solid ways, and frankly, it sounds as if your colleagues don’t know how to estimate properly or are scared to give you the timescales that pop into their heads.

How To Be An Estimating Superhero

Girl's Guide to PM

A statistical model for estimating isn’t normally something I’d put in the ‘make my job easy’ box, but I might just have found one that works. What if you want an estimate that is, say, 75% reliable? PERT can’t give you those kinds of estimates. How reliable is this estimate?”.

How to Keep Your Projects On-Time and On-Budget

Arras People

Deltek is the latest member of the Arras People Software Directory , in this article they give a brief overview of how projects can be controlled and how software can help with this. companies and government agencies an estimated $145 billion per year!

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7 Tips for Easily Improving Project Risk Management with templates

Girl's Guide to PM

Risk management is a staple skill of project managers. However, project risk management is something that many project managers find tricky. The theory is easy – implementing risk management successfully so that it is actually useful on the project is a little bit harder.

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Software Estimating Resources

Herding Cats

This blog page is dedicated to the resources used to estimate software-intensive systems using traditional and agile development methods. COSMIC Software Estimation Approach,” Alain Abran, ICEAA Workshop, Portland Oregon, June 6?9, Comparative Analysis of Software Cost ?

How to Build a Robust Project Risk Culture [8 Steps]

Online PM Courses

A robust risk culture goes beyond having a strong basic risk management process. Some of my readers may hope to influence the risk culture of their whole organization. For you, the right aspiration is to build a positive risk culture within your project.

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How to Talk About Estimates

Herding Cats

What is an estimate? An estimate as a noun is an approximate calculation or judgment of the value, number, quantity, or extent of something. An estimate as a verb is to roughly calculate or judge the value, number, quantity, or extent of. Estimates. IT Risk Management.

Estimates, Forecasts, Projections

Herding Cats

Estimates. An Estimate is a value inferred for a population of values based on data collected from a sample of data from that population. The estimate can also be produced parametrically or through a simulation (Monte Carlo is common, but Method of Moments is another we use). . Estimates can be about the past, present, or future. We can estimate the number of clams in the Pleistocene era that are in the shale formations near our house. Estimate to Complete.

What is an Estimate? What is Estimating?

Herding Cats

I work in a domain where estimates are made every single week. Estimate to Complete (ETC), Estimate at Completion (EAC), Estimated Completion Date (ECD) are the life blood of our software intensive system of systems programs. But Estimating is NOT Guessing.

Risk Management is How Adults Manage Projects

Herding Cats

In a recent exchange in social media, it was clear the notion of risk and the sources of risk, the consequences or risks and managing in the presence of risk was in very unclear, when it was conjectured , we can simply slice the work into small bits and REDUCE risk. .

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Software Review: ProjectManager.com [2016]

Girl's Guide to PM

Time to revisit the software and see what has changed. Click on Create a new Project and enter the project details – including the rate for resources and the project budget. Other Features: Timesheets and Budgets. See all my project management software reviews.

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Why Johnny Can't Estimate?

Herding Cats

I work in a domain where engineered systems are developed for complex software-intensive system of systems. Risk Management is How Adults Manage Projects - Tim Lister. Since all risk comes from uncertainty - reducible (Epistemic) and irreducible (Aleatory), estimating is a foundation of all we do. There is no discussion of the conjecture that estimates are a waste, estimates can't be done, estimates are evil, estimates must be stopped immediately.

Why Johnny Can't Estimate? (Update)

Herding Cats

I work in a domain where engineered systems are developed for complex software-intensive system of systems. Risk Management is How Adults Manage Projects - Tim Lister. There is a discussion of the conjecture that estimates are a waste, estimates can't be done, estimates are evil, estimates must be stopped immediately. To be informed how to estimate in this broad range of domains, problems, and impacts — education, experience, and skill are needed.

Reasons to Estimate and Measure

Herding Cats

Estimating Software-Intensive Systems: Project, Products, and Processes , Richard D. Stutzke is a starting point for estimating software projects. I recommend it for anyone starting out in the estimating business all the way to seasoned veterans. IT Risk Management.

Risk Management Resources

Herding Cats

Risk Management is essential for development and production programs. Risk issues that can be identified early in the program, which will potentially impact the program later, termed Known Unknowns and can be alleviated with good risk management. requires making estimates) ?

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Secret Tips for Delivering Project On-Time and Within Budget

PM Basics

Delivering project on-time and within budget is the ultimate goal for many project managers. To deliver a project within budget and schedule, you need to understand what that really means. What does it take YOU to deliver Deliver project on-time and within budget?

Small Batch Sizes are NOT Risk Management

Herding Cats

There is a popular fallacy in the Agile community that small batch sizes are Risk Management. What small batches do is provide information that informs risk management at a fast rate. This analog signal is the underlying dynamics of the software development process.

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When to Estimate and When Estimates aren't Needed

Herding Cats

Paul Boos has a post about estimating and makes a case for the Principles of when NOT to estimate. This struck a cord around a bigger topic - the inversion of estimating. When should we NOT estimate? What business decision making conditions could be in place where we don't have to estimate the outcomes of our decision in the presence of uncertainty? Then on to the original conjecture for No Estimates from Paul's post. Not principles for NOT estimating.

A Compendium of Risk Management Resources

Herding Cats

This blog page is dedicated to the resources used to manage the risk encountered on software-intensive systems using traditional and agile development methods. Let's start with a critical understanding of the purpose of managing risk on software development projects.

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GAO Cost Estimating and Assessment Guide Applied to Agile

Herding Cats

The GAO Cost Estimating and Assessment Guide has 12 steps. There are not specific to Agile Software Development. Uncertainty creates risk. Risk Management is how Adults Manage Projects - Tim Lister. Conduct Schedule Risk Analysis. Uncertanty creates Risk.

Why Estimates are Needed for Success in the Nondeterministic Universe

Herding Cats

There's a fallacy used by some in the software development business, that estimates are not needed to make decisions in the presence of uncertainty. These planning and controls activities always take place in the presence of uncertainty, which of course creates risk.

4 Fallacious Reasons to Estimate and Why Those Are Fallacious

Herding Cats

There's a recent post titled Four Fallacious Reasons to Estimate. It lists the usual suspects for why those spending the money think they don't have to estimate how much they plan to spend when they'll be done producing the value they've been assigned to produce for that expenditure.

What is Risk Management?

Herding Cats

Risk management is about making informed decisions by consciously assessing what can go wrong, as well as the likelihood and severity of the impact when that possibility comes true. The heart of Risk Management is making informed decisions in the presence of the uncertainties that create risk.

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Project Planning 101: How to Stay In Budget and On Deadline

Teamweek

To be a successful at project planning, you need to be able to deliver quality work while balancing a budget and sticking to a deadline. When you finalized the scope you defined the necessary steps: the schedule is where you estimate and document how much time each one will take.

Project Cost Management – The Essential Things to Know and Do

Online PM Courses

But there’s little your project sponsor, your client, or their Finance Director care about more than your budget and how closely you can stick to it. What is not negotiable is the budget. Monitoring and controlling project expenditure to adhere to your budget.

Fixed Price Removes Risk — Fallacy of the Week

Herding Cats

Firm-fixed-price contracts are depicted as existing on the extreme left of the continuum of risk. As we progress through the various fixed-price flavors and into cost-type contracts, the assertion is that risk shifts from the vendor to the supplier. . This assertion appears reasonable, but this belief makes the assumption that there is goodness that results in shifting risk to the supplier. All Risk is Created by Uncertainty . Someone has to pay to handle that risk.

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Embracing Uncertainty in Software Projects

LiquidPlanner

If you don’t give an answer, you’re viewed as incompetent and unable to estimate. If you give a qualified answer, you risk being held to that original date despite the need to analyze requirements further, discuss with vendors and do proper project planning. How long will it take?

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Aleatory Uncertainty Creates Irreducible Risk

Herding Cats

Yesterday's Post Epistemic Uncertainty Creates Reducible Risk and What Is Risk? Risk is not there to be mitigated, it's there to be eliminated. Risk is the result of uncertainty, which comes in two kinds for all projects, for everything actually. Epistemic uncertainty and the risk it creates can be reduced with handling processes. The objective of identifying and managing aleatory uncertainty to be preparing to handle the impacts when risk is realized.

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5 Quick Tips for Staying on the Budget

ActiveCollab

Bad budget management can severely damage the quality and easily break the project. Will I be able to oversee all the risks and manage the expenses on projects? What kind of impact will it have on the project budget and team performance?

Software Economics

Herding Cats

Here's some thoughts on the economics of software development using other people's money, after 3 weeks of working a proposal for a major software intensive system of systems using Agile. Time boxed, drip funding, fixed budget are funding profiles that might be added to the economic model once they've been verified and validated in practice to provide better approaches to managing funding in the presence of uncertainty. Why Do We Need Estimates?

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What’s Worse Than Not Automating Your Software Delivery Pipeline?

Leading Agile

An unattended software delivery pipeline frees technical staff to spend more time on value-add activities rather than tediously performing repetitive tasks by hand, such as. But there’s a risk that people will get excited about automation and get ahead of themselves. Sounds good.

Software Intensive System of Systems

Herding Cats

The domain I work in is categorized as Software Intensive System of Systems (SISoS). The development of the software and sometimes the development of the hardware is done in an agile manner, using one of several Agile development methods - SAFe, Scrum for example.

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What is Project Management Software and Why Do You Need One

ProProfs Project Management

Further, you could be facing other challenges such as meeting your project deadlines, handling your limited budget, and most importantly manage untimed risks. . But how do you deal with issues like: Unforeseen risks? Budget overruns? What is Project Management Software?

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Software Intensive System of Systems

Herding Cats

The domain I work in is categorized as Software Intensive System of Systems (SISoS). The development of the software and sometimes the development of the hardware is done in an agile manner, using one of several Agile development methods - SAFe, Scrum for example.

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What's Missing from the Agile Software Development Paradigm

Herding Cats

Agile software development is framed by a manifesto , a set of 12 principles, several methods. These are all focused on developing software, delivering that software to those paying the developers. Why This Missing Concept is Important to Agile Software Development? .

Economics of Software Development

Herding Cats

For example, about which software to buy, which Features in the development backlog should be implemented next, what prices to charge for products and services. Software development is an exercise in microeconomics, since it deals with limited resources - time, cost, and what value is produced in exchange for the time and money. This is the foundation for estimates. Estimates with accuracy and precision values needed to make credible decisions. No Estimates?

The Ultimate Guide to Easy Dashboards for Projects

Girl's Guide to PM

You get a holistic overview of project performance without having to dive into various parts of your project management software to see what’s happening. You can also configure parts of your dashboard to show risks or changes – or pretty much anything that you capture in the software itself.

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The Economics of Decision Making on Software Projects

Herding Cats

The classic paper “ Software Engineering Economics,” Barry Boehm, IEEE Transactions on Software Engineering , Vol SE-10(1), 1984, pp. For software development, there are many decisions to be made. IT Risk Management. NoEstimates Architecture Estimating

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LiquidPlanner Vs. Task Management Software: An Evaluation Guide

LiquidPlanner

Task management tools don’t usually have the heft to manage more complex projects, especially ones needed by technology and manufacturing teams who need to make estimations and see how every plan change effects the entire project or portfolio of projects. Risk Management.

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