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

We do a lot of projects that are innovative (for us), and my development colleagues always seem reluctant when it comes to project planning. They won’t give me timescales that will help me plan. How do you deal with a team that refuses to estimate how long tasks will take?

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

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. Looking into the future to determine how much time it will take complete project tasks allows for an estimation.

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.

Sample Project Plan For Your Next Project

ProjectManager.com

That’s because now comes the planning. No plan has ever just materialized fully formed on your desk. What you need is project planning software that gives you the tools to gather and organize all the dissipate information you need to manage. What Makes a Project Plan?

Sprint Planning 101: How to Plan Great Sprints

ProjectManager.com

For this post, we’re going to take a deep dive into one of the events in the scrum framework, sprint planning. The sprint is defined by a small amount of planned work that the team has to complete and ready for review. But the sprint cannot start until there has been a sprint plan.

2020 306

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. What is Project Estimation? Why is Project Estimation so hard? The Estimation Knife Edge.

Planning Poker – build accurate estimates for sprints on agile projects

The Digital Project Manager

Planning Poker is a great freemium agile estimation digital card game that enables a collaborative approach for consensus-driven estimating to guide sprint planning. The post Planning Poker – build accurate estimates for sprints on agile projects appeared first on The Digital Project Manager.

7 Proven Planning Techniques for Better Projects

ProjectManager.com

A project without a plan is like a car without a driver. The project plan is the guide that gets a project manager from concept through execution, and a finished product at its destination. There’s an argument that a project plan supersedes everything else in a project.

3 Team Techniques to Improve Cost Estimates

Project Risk Coach

Improve buy-in and support for your project budgets Do you ever feel like the Lone Ranger when trying to improve cost estimates? Many project managers are left to their own devices when estimating projects. So, how can we improve our cost estimates?

How to Increase the Accuracy of Your Project Estimates

MavenLink

Creating an accurate estimate up front will help balance both sides by setting client expectations and preventing surprise costs from compromising profit margins. Having an accurate, reusable estimation model plays a pivotal role. What Makes an Accurate Estimation Model?

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, Estimating Probable System Cost,” Stephen A.

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. Phased Estimating.

How to Actually Develop a Project Management Plan

Project Risk Coach

Featuring baselines, subsidiary plans, and other ancillary plans Do you know the 5Ps? Proper Planning Prevents Poor Performance. If this is true, why is it that some project managers put so little time in developing a project management plan? Subsidiary Plan Description 1.

Have You Left Anything Out of Your Project Plan?

Project Risk Coach

The Project Plan Checklist Have you left anything out of your project plan? Check out this project plan checklist to help you identify the baselines and plans that will be most helpful to each of your projects. I like to keep my project plans as simple as possible.

2016 287

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.

Budget 113

3 Tips for Optimising Your Project Plan

Arras People

Today’s post is a guest article from Deltek, they’re part of Arras People’s project management software directory and always have good insights to share when it comes to the technical aspects of project management, in this case project planning.

Agile Estimation A SoundNotes Tutorial

Leading Agile

Estimating work in Agile is something many people struggle to understand. Hint: “They’re called estimates, not exactimates for a reason.” ” There’s even a whole camp dedicated to the idea of not estimating work. For More on Agile Estimation.

Know the Difference between Mitigation plan and Contingency Plan

iZenBridge

Risk mitigation and contingency response planning are one of them. In this blog, I am addressing these response strategies and the difference between mitigation and contingency plan. Let’s begin with PMBOK® Guide definitions of Mitigation and Contingency plan.

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.

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.

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.

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?

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.

Improved project billing, planning and price estimates

Paymo App

Accurate price estimates for your clients. You can set up task hourly rates, estimated hours and flat task rates by switching to the advanced view (click on the “Advanced view” icon in the top right corner of the tasks section for the project).

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.

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. Phased Estimating.

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. Reasons to Estimate and Measure

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.

What is Planning Poker? | Video

Online PM Courses

Estimating project work package times and the times it will take to build products or deliverables is one of the most difficult parts of Project Management. One great tool is Planning Poker. So, what is Planning Poker? What is Planning Poker? What is Planning Poker?

20 Things For Your Project Management Plan [With 3 Free Templates]

Girl's Guide to PM

Your project management plan is more than just a schedule of work. Although I am guilty of using ‘plan’ and ‘Gantt chart’ interchangeably. So what does go in the project management plan? Below you’ll find 20 things that make up a comprehensive project management plan.

2017 296

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.

How To Create A Simple Project Plan (Project Planning Process)

PM Basics

Let me put this straight: Project planning is a challenging and complex activity. Nevertheless, project planning is a structured and logical process. It’s a step by step guide to project planning. For me, planning is one of the most exciting parts of the project management.

How Does Probabilistic Estimation Reduce Project Uncertainty?

LiquidPlanner

When you replace fixed-date deterministic scheduling with probabilistic estimations, you’ve got a whole new ball game. For one, uncertainty is built into your plan, which is a necessary reality. The post How Does Probabilistic Estimation Reduce Project Uncertainty?

Cost Estimating Assessment Criteria

Herding Cats

Here are the guidelines for a credible cost estimate (GAO-16-620). Details calculations performed and estimating methodology used. Estimate should lack bias; be neither overly conservative nor optimist. Regular updates cost estimate to reflect significant changes. Documented and explained variances between planned and actual costs. Estimate based on historical record of comparable p[rograms. Estimating techniques used appropriately.

5 Resource Planning Tips for Project Managers

LiquidPlanner

Enter resource planning, which can help you more efficiently allocate your team’s services and supplies at the proper time and with adequate support to get the job done. After all, no plan, no matter how meticulously detailed, can complete the work at hand.

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. Planning the next actions.

Agile and Plan-Do-Check-Act

Musings on Project Management

This is not as stuffy as it sounds: Plan-Do Check-Act -- Plan-do-check-act (PDCA) envisions planning--just enough, and gasp! perhaps an estimate as well--for what is to be done, then doing it—that is the plan-do. agile planning QualityNext, measure results—measuring is the. check activity (did someone say: accountability?)—and and Then act on the measurement results. To act in the. PDCA sense means to reflect upon.

How to Prioritize Work When Everything Is #1

LiquidPlanner

You can count on technical projects, no matter how well-planned, to involve change orders, re-prioritization and the regular appearance of surprises. Related: Your Guide to Accurately Estimating Projects. Order tasks by estimated effort.

2018 852

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.