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No more initial estimates? NOOOOOOOOOOO!

Kiron Bondale

You are assigned to manage a project and before you or your team have had an opportunity to start to chip away at the looming mountain of uncertainty, you get put on the spot to provide a cost or schedule estimate by your project sponsor or some other stakeholder. To make matters worse, your company’s project delivery methodology might insist that an estimate gets provided before work has even commenced. It’s unfortunately an all too familiar scenario.

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Project Estimate Template

ProjectManager.com

The more accurate your estimates, the more likely you’ll keep to your budget and deliver a project on time. Using a project estimate template is the perfect way to get your project planning on the right track. Download the Project Estimate Template. Estimate Details.

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Rough Order of Magnitude (ROM): Understanding ROM Estimates

ProjectManager.com

Rough order of magnitude (ROM) can help you better estimate project costs. But what is ROM and how can you calculate ROM estimates? We’ll explain the process, define the term and detail the steps for making a rough order of magnitude estimate. But how accurate is a ROM estimate?

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How To Improve Schedule Estimates

Project Risk Coach

Let's talk about the challenges of schedule estimates and three estimating techniques that can help us do a better job with our estimates. Lastly, we'll look at how to respond to future requests for estimates. Challenges With Schedule Estimates. What happens if someone estimates a task to take 10 days when it should only take 5 days. Conversely, what happens when someone estimates a task to take 5 days when it should take 10 days?

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Estimate at Completion: A Complete Guide + Template

Rebel’s Guide to PM

In this article, I’ll explain what Estimate at Completion is for project managers, how to use it (because there are 4 different ways) and give you examples. Estimate at completion (EAC) in project management tells you how much the project will cost when the work is finished.

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Calculating Estimate at Completion (EAC)

ProjectManager.com

One of these formulas solves for Estimate at Completion — an important metric for monitoring a project budget. Keep reading to learn why to always calculate Estimate at Completion and exactly what this formula can do. What is Estimate at Completion (EAC)? Estimate to Complete.

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Estimating Agile Projects.Or Not

Mike Griffiths

Project managers generally like plans and estimates so we can forecast when things should be done and how much they may cost. " So, when project managers hear about ideas such as "let's stop estimating," it can trigger a knee-jerk reaction.

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Analogous and Parametric Estimating

MPUG

can become an accurate estimating tool for top-down (Analogous) and bottom-up (Parametric) estimating. Unfortunately, the large majority of project managers estimate tasks with durations and update tasks by entering %-complete as reported by team members. Happy estimating!

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Estimating Projects: What you Need to Know

nTask

Estimating projects is part and parcel of project management for any project. However, estimating projects with accuracy is not always so successful. In fact, many of the issues in project management can be traced back to failed attempts at estimating projects.

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How To Start Your Projects Right. A Complete Guide To Project Initiation

The Digital Project Manager

From estimating and scoping, to assigning resource, defining requirements, briefing in your team, the all important first meeting with the client—there’s a minefield of tasks out there which can shape how your project develops. A Complete Guide To Project Initiation appeared first on The Digital Project Manager. How-to Guides How-to Project Initiation PM Skills & Best Practices

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Time Estimation for Project Managers: Tips & Techniques

ProjectManager.com

The best a project manager can do is develop an accurate time estimate for how long it will take to satisfactorily complete the project. Time Estimation Matters. A 2018 study by the Project Management Institute (PMI), in its Pulse of the Profession report, stated that poor time estimating is the root cause for 25 percent of failed projects. Looking into the future to determine how much time it will take complete project tasks allows for an estimation.

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Rough Order of Magnitude (ROM) Estimate and How to Calculate It (with example)

Rebel’s Guide to PM

What is a ROM estimate used for? A rough order of magnitude estimate is used to give you a very high level view of potential project costs. But in reality, we rarely have the time or luxury of being able to provide that level of estimate at the earliest stage of project.

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Don't Rely on the Project Customer's Initial Requirements

Brad Egeland

Revamp the quote Assuming you found more than just a little ‘gap’, you must now go back and rework the project schedule, the estimate, the timeframe, the resource plan … basically everything.

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Project Initiation Checklist: The Perfect Way To Start Your Projects

Proofhub

As you start your project, you need to take the initiative on the preparatory work, from preparing the scope, estimating the costs, assigning resources, and creating a project timeline, to getting sign-off on the key performance indicators.

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5 Common Project Estimating Mistakes

Brad Egeland

Estimating project work for individual tasks or groups of tasks can be difficult – and it’s important to rely on the project team to either help with estimates or produce the initial estimates that you, as the project manager, then review and document.

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Project Estimation: Master the Tools and Techniques

Online PM Courses

There are two reasons why Project Estimation is a big deal for project managers. And second, poor estimates are often a primary reason for a project cost or schedule over-run. So, in this article, we’ll take a careful look at project estimation, to help you learn how to master the art and craft of doing it well. What is Project Estimation? Why is Project Estimation so hard? The Estimation Knife Edge. Methods and Tools for Project Estimation.

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Project Cost Estimation: Overview of the Process, Main Challenges, and Recommendations

Epicflow Blog

Estimation of project cost is one of the core practices of the project initiation stage, which becomes the basis for the approved project budget. Therefore, a proper cost estimation is about finding a fine line in this complex process. Project Cost Estimation: A General Overview.

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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?

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Project Estimation Techniques: A PM’s Handbook

Teamweek

“ I’ve done this a million times–let’s skip estimating just this once.”. You rush through the beginning estimates only to miss deadlines, blow budgets, and draw raised eyebrows from clients. In this guide we’ll cover: What are project estimation techniques? Cost estimations.

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An Abundance of Initiatives—Now What?

Leading Agile

Outcome-oriented course correction mandates that our teams evaluate, estimate, and experiment to reduce the uncertainty of our expected outcomes. Strategic product management may be the “quarterback” role on a leadership team, helping the team choose and execute the right plays.

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Project Estimation Techniques Everyone Needs To Know

Wrike

Project estimation techniques help project managers accurately estimate essential elements, such as cost and scope , within their projects. What are project estimation techniques? An estimate is a rough calculation of something. Why are project estimates important?

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Can Project Duration Estimation be done without Assumptions?

MPUG

That is why duration estimation is one of the most important aspects of project management. In most real life scenarios, clients and mangers are reasonable, giving us some freedom to determine duration estimates for doing our tasks, but this can create other problems. The Estimation Problem. You might hear from the client that the estimates look high. You might explain why you believe the estimates are reasonable based on underlying assumptions. Exact Estimates.

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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. The reason for this resource page is the lack of understanding of how to estimate, the urban myths about software estimating, and the fallacies that estimating is not needed, when developing software, in the presence of uncertainty, when spending other peoples money. Estimating Probable System Cost,” Stephen A.

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Why Johnny Can't Estimate?

Herding Cats

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. To be informed how to estimate in this broad range of domains, problems, and impacts - education, exp[erience, and skill are needed. Gow to avoid common estimating mistakes.

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How to Estimate Project Duration

Wrike

Knowing how to estimate project duration can help teams become more efficient and improve on-time and on-budget delivery. . When it comes to project management time estimation, there are a couple of likely scenarios. Why is it important to estimate project duration?

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Project Management 101: Common Estimating Mistakes

Brad Egeland

Estimating project work for individual tasks or groups of tasks can be difficult – and it’s important to rely on the project team to either help with estimates or produce the initial estimates that you, as the project manager, then review and document.

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Estimating is a Learned Skill

Herding Cats

Estimating is a learned skill, used for any purpose from every-day life to management of projects. When I left for the airport this morning to catch my flight to a customer site I estimated, given the conditions, how much time I need to get to my favorite parking spot at DIA. The same process for estimating is applied to multi-billion dollar projects we work. Here's some materials that provide the tools and processes needed to learn how to estimate.

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How to Calculate Realistic Time Estimates for a Project

Teamweek

Inaccurate time estimation is the cause of 25% of failed projects. Learning how to estimate time for a project is tricky, but critical to its success. In this guide we’ll go over: What is time estimating in project management? Why is estimating time for tasks important?

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Why Johnny Can't Estimate? (Update)

Herding Cats

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. No credible decision can be made in the presence of uncertainty without estimating the cost, schedule, and technical performance of that decision. How and when to re-estimate.

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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. Much like a GPS uses satellite information on traffic patterns to calculate the remaining time on your trip, project estimation methods help you maintain a realistic project schedule. Guess you could say it’s the GPS of estimating. The GPS of Estimating. Contributor estimates. Leveraging contributor estimates.

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Using Technology to Streamline Project Initiation Instruction

MindGenius

Using Technology to Streamline Project Initiation Instruction. The Project Initiation Instruction (PII) – or the Definition Document – is one of the most important artifacts in project management because it provides a foundation for the project. It is good practice to include a cost estimate in the PII along with any budgetary constraints.

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Roadmapping and Budgeting with Rapid Estimation

Leading Agile

Importantly, we have to be able to do that without redirecting the whole org to create an estimate. We have to get good at taking ambiguous requirements and translating them into chunks that we can meaningfully size, even though we have very little info — rapid estimation. Some organizations deal with this by disrupting current work to pull bunches of people into estimating these big chunks of work. This is the time to draw some initial visual specifications.

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A Different Kind of Project

Project Risk Coach

Discover the exact, proven system I use to engage stakeholders, improve collaboration, and initiate projects. One of the challenges in projects is estimating the duration. Start with an analogous estimate. 1=Initiation 2=Planning 3=Execution 4=Control

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Project Budgets: Tips for Estimating & Cost Tracking – Clarizen

Planview

Tracking costs involves estimating budgets, establishing controls, measuring results, updating forecasts and continuous communication. The following are tips for estimating and tracking costs, but note, there is a specific order to execute precise cost tracking:   Pre-Planning.

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5 Project Estimation Techniques and Project Estimate Template

Techno-PM

What is Project Estimation? Estimating is a vital part of the project planning phase and involves estimating the project costs , resources or duration. Estimating a project can be a challenging task no matter what the size or budget of the project is. The more complex and larger the size and budget of the project, the more difficult it gets to appropriately estimate the project. Initiation : At this stage Analogous estimating technique is used.

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Your Guide to Accurately Estimating Projects

LiquidPlanner

Estimation is an invaluable tool for anticipating and managing project uncertainties. Accurate project estimates help identify cost and schedule requirements with relative precision, and reduce the risk of running out of time, resources, and budget during a project. But even with years of experience, project managers struggle with accurate project estimates. It’s easier to estimate in ranges because it alleviates the pressure of not meeting a single-point estimate.

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10 Ways to Engage Project Stakeholders

Project Risk Coach

As you are initiating your projects, start identifying your stakeholders. I invite key stakeholders to my initial project meetings as we are developing the project charter. Engage your stakeholders in the estimates. Ask the people that will do the work for estimates.

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Effort Estimations - How accurate can they be?

Scrum.org

Too many teams struggle with “Effort Estimation”. Too often they ask me to help them make an accurate estimate of their effort. But why is effort estimation a struggle? . When I asked them about that, they could swear that their initial estimation was correct.

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Webinar Recap: Analogous and Parametric Estimating Schedule Template

MPUG

Please find below a transcription of the audio portion of Oliver Gildersleeve’s Analogous and Parametric Estimating Schedule Template webinar being provided by MPUG for the convenience of our members. The new schedule template covers both analogous and parametric estimating features.

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Your Guide to Accurate Project Estimate Projects

LiquidPlanner

Estimation is an invaluable tool for anticipating and managing project uncertainties. Accurate project estimates help identify cost and schedule requirements with relative precision, and reduce the risk of running out of time, resources, and budget during a project. But even with years of experience, project managers struggle with accurate project estimates. It’s easier to estimate in ranges because it alleviates the pressure of not meeting a single-point estimate.