LiquidPlanner

JULY 18, 2016

This is why making ranged estimates for your projects is more realistic and reliable than aiming for a singular deadline. We use ranged estimates all the time in daily life. But the range, we can count on this. The advantage of making ranged estimates. Ranged vs single-point estimates.

Estimate 87

Estimate Engineering 87

Rebel’s Guide to PM

NOVEMBER 8, 2021

Frankly it’s too hot, but it has made me realize one thing: I am no good at estimating. In fact, I’ve always known that I’m not good at estimating. The only thing I can estimate is time. In this article I’ll share estimating techniques for schedules and budgets: the kind of things we need to know to get projects done.

Estimate 388

Estimate Budget Technical Review Software Review 388

Project Risk Coach

APRIL 26, 2021

His early estimate – an analogous estimate – was $125,000 with a range of accuracy between -25 percent to +50 percent. John shared the estimate with the sponsor and said that he would provide a more detailed estimate after completing a work breakdown structure (WBS) with the project team.

Estimate 397

Estimate Risk Management Budget Controlling 397

LiquidPlanner

JULY 5, 2016

For the last year we’ve been using ranged estimates to build out our schedules. How do we convince them to go with a two-point estimate? Dear Reality: Ranged estimates are awesome, so I’m totally with you on that one. Dear Reality: Ranged estimates are awesome, so I’m totally with you on that one.

Estimate 84

Estimate Manufacturing Risk Management Leadership 84

Project Risk Coach

DECEMBER 11, 2022

And this can be particularly difficult when estimating the cost and the timeline of complex, volatile projects. Estimating just one value/date for a complex, risky project is not a good idea and can lead to significant issues. Project managers may use it to simulate project tasks and estimate the risks associated with various outcomes.

Estimate 195

Estimate Risk Management Risk Budget 195

Rebel’s Guide to PM

JUNE 14, 2022

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. He’s taken the PERT (Project Evaluation and Review Technique) estimating approach to the next level by letting you add a dash of professional judgement in with the numbers. OK, I get it.

Estimate 419

Estimate 2016 Risk Management Software Review 419

LiquidPlanner

NOVEMBER 1, 2018

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. It is difficult to estimate when the task is too big.

Estimate 602

Estimate Risk Management Innovation Budget 602

Project Risk Coach

MAY 3, 2021

Do you ever feel like the Lone Ranger when working on cost estimates? Let's explore how to engage your team members and subject matter experts to improve your cost estimates. So, let's look at three techniques to use with your teams: Brainstorming Delphi Technique Nominal Group Technique 3 Team Techniques to Improve Cost Estimates 1.

Estimate 370

Estimate Finance Budget Risk Management 370

Rebel’s Guide to PM

MARCH 10, 2022

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. What is the formula for estimate at completion?

Estimate 409

Estimate Software Review Budget Cadence 409

Rebel’s Guide to PM

SEPTEMBER 3, 2021

There are two types of contingency typically used on projects: Budget contingency: Additional funding to deal with problems, realized risks relating to a specific event Schedule contingency: A buffer of extra time in case of schedule delays (not that you would ever pad your estimates?). Calculating Anticipated Final Cost and confidence range.

Technical Review 297

Technical Review Software Review Estimate Risk Management 297

Kiron Bondale

APRIL 3, 2022

If you ever find yourself wanting to inject some energy into a cross-functional gathering of delivery staff and stakeholders, ask for their opinion on estimates. Relative sizing – this covered such techniques as story pointing, T-shirt sizing, affinity estimating and others.

Estimate 345

Estimate 2012 Governance Government 345

ProjectManager.com

DECEMBER 12, 2023

Subpar bidding tool: Users find Procore’s bidding and estimating functionality problematic, which has been brought to the attention of the software. It’s especially useful for scheduling and has cost-estimating features. It is built to serve heavy civil construction estimating, operations and business intelligence.

2024 364

2024 Construction Software Review Technical Review 364

ProjectManager.com

SEPTEMBER 9, 2022

Every project, regardless of the industry, uses a methodology to estimate time and cost to better plan projects. In the life sciences, engineering and construction industries, the method often used is called parametric estimating. Parametric estimating is often used as it’s reliable. What Is Parametric Estimating?

Estimate 314

Estimate Construction Monitoring Planning 314

Kiron Bondale

FEBRUARY 14, 2021

When Monte Carlo is used in project contexts, these inputs are usually expected duration or cost ranges for the activities. If those ranges are inaccurate the resulting outputs will be useless and all it takes is one poorly estimated activity to skew the entire distribution curve. How do we overcome such challenges?

Estimate 229

Estimate Technical Review Consulting Defining 229

Kiron Bondale

MARCH 28, 2021

How should I deal with a stakeholder who, when I provide a rough order of magnitude ranged estimate early in the life of a project, insists on holding me accountable to the lower end of that range later on even when sufficient evidence has emerged to contradict that value?

Estimate 218

Estimate Risk Management Influencer Leadership 218

Scrum.org

OCTOBER 2, 2023

It often lures us into the trap of deterministic estimates. Let’s investigate why deterministic estimates set us up for failure and explore pragmatic alternatives that empower decision-making while embracing uncertainty. What Are the Pitfalls of Deterministic Estimates? This approach generates better decisions.

Agile 159

Agile Estimate Software Developers Software Development 159

ProjectManager.com

JUNE 15, 2022

Software development estimation is an essential part of many projects. Despite its importance, software development estimation is often overlooked. Maybe that’s because it’s difficult to estimate properly. Let’s explore how software development estimation works and its techniques and tools. Learn more.

Software Developers 311

Software Developers Software Development Estimate Software Review 311

ProjectManager.com

MAY 30, 2023

These professional services range from supervising the site and the work being done to ensuring that work is carried out safely. We’ll go further, explaining how to estimate general condition costs and how general conditions compare to construction specifications and general requirements. What Are General Conditions In Construction?

Construction 260

Construction Infrastructure Estimate Defining 260

Rebel’s Guide to PM

SEPTEMBER 8, 2021

The four types of project management methods are: Data gathering and analysis methods Estimating methods Meetings and events Other (because it’s always worth having a bucket category for anything else, right?). Estimating methods. Here are four estimating methods. Analogous estimating. This is my go-to estimating method.

Underperforming Technical Team 440

Underperforming Technical Team Estimate Software Review Risk Management 440

LiquidPlanner

AUGUST 28, 2018

To be truly effective and productive, project schedules and information need to be available to a wide range of users with varying technical skills. These days, cloud applications let project managers and teams view their schedules and project data via a range of views that suits their information and consumption needs.

Underperforming Technical Team 772

Underperforming Technical Team Software Developers Software Development Agile 772

ProjectManager.com

MARCH 27, 2019

However, the aim is to cover a representative range of options so that you know you have choices. Stage gate: With this strategy we estimate and then fund the project for a given period of time before going back for more funding. Fixed price/cost (ranged). As you see in Figure 1, there are six options for funding a team.

Software Developers 244

Software Developers Software Development Software Review Software 244

ProjectManager.com

JUNE 24, 2021

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)? Create more accurate cost estimates with powerful management software.

Estimate 266

Estimate Budget Project Cost Initiating 266

ProjectManager.com

DECEMBER 29, 2023

Construction Construction has organizational resources that range from the workforce, which includes the contractors, subcontractors and any other crews working on the job site, machinery, funds, vehicles, etc. Professional Services The organizational resources in professional services include people, money and technology.

Manufacturing 337

Manufacturing Monitoring Finance 2024 337

LiquidPlanner

OCTOBER 26, 2022

We often still over estimate the project timeline. Tasks in other tools can only be estimated in a static value considered an average. In Kahneman’s book, Thinking Fast and Slow he suggests that estimation miscalculations are usually due to: A tendency to minimize historical data when estimating how long it will take to complete tasks.

Critical Chain 158

Critical Chain Underperforming Technical Team Estimate Engineering 158

Project Risk Coach

JUNE 22, 2020

Poor estimates are often a major factor in these projects. So, let's look at 7 ways to improve project estimates. Define the project work One of the top reasons for poor estimates is poor project definition. Ask the experts to estimate the work It's a mistake for project managers to estimate the work.

Estimate 195

Estimate Underperforming Technical Team Risk Management Defining 195

ProjectManager.com

NOVEMBER 30, 2023

That spending can come from a range of sources. This will include an accurate estimate of decentralized IT spending and shadow IT spending, the former being the distribution of functions, control and information, while the latter is IT-related hardware and software use without the knowledge of the IT department.

Budget 345

Budget Software Review Infrastructure Monitoring 345

Rebel’s Guide to PM

FEBRUARY 5, 2024

Step 2: Populate the template Then, populate your numbers with your cost estimates. Accurate estimates give you an accurate budget. Check that tax is included in your detailed estimates. It may be within their anticipated range. Get someone else to read through it and check it for you if you don’t feel confident.

Budget 307

Budget Project Cost Estimate Finance 307

ProjectManager.com

DECEMBER 20, 2023

Innovative technology and equipment range from transportation to material handling and earthmoving machines. Construction Estimate Template The first step to an accurate construction budget is an accurate estimate. It requires specialized skills, often of a highly technical nature. Here are just a few.

Construction 348

Construction Transportation Manufacturing Energy 348

Project Risk Coach

AUGUST 30, 2021

One of the challenges in projects is estimating the duration. Because of the uncertainty, you may wish to use date ranges, rather than specific dates. Start with an analogous estimate. Track your hours for future reference If you want to improve your estimating of future projects, track your hours.

Software Review 221

Software Review Project Life Cycle Estimate Risk Management 221

ProjectManager.com

APRIL 25, 2023

A budget is the spending plan that you forecast using estimates of income and expenses. Your budget reports can, therefore, be archived and accessed when planning future budgets to make a better estimate of what your costs and expenses will be. These are estimated costs that are based on a predetermined budget and timeline.

Budget 280

Budget Software Review Estimate Finance 280

ProjectManager.com

JUNE 4, 2021

Any construction project, no matter the size or scope, requires a wide range of documents. Construction Estimate Template. This process hinges on estimating expenses. Our construction estimate template is designed to do just this by setting up a solid system for listing and organizing expenses.

Construction 410

Construction Risk Management Estimate Software Review 410

Scrum.org

JULY 6, 2021

How are you estimating the likely effort of a Product Backlog item? Are you estimating in man-hours or story points? How are you practicing the estimation process if the team shares different opinions? Are you re-estimating work items at the end of a Sprint? Are you estimating in man-hours or story points?

SCRUM 254

SCRUM Estimate Agile Initiating 254

LiquidPlanner

FEBRUARY 21, 2024

Release 44 | February 21, 2024 The new Date Range filter surfaces items that have hours logged or scheduled in the time period. Date Range can be used in Table Reports, applied to Dashboards, Dashboard Groups, and many of the Dashboard Widgets. Columns for date range filtering Scheduled (h) = hours scheduled during the time period.

2024 78

2024 Estimate 78

Project Risk Coach

JUNE 6, 2022

No wonder project managers find it difficult to estimate the schedule and budget. He viewed each case from a wide range of perspectives. When you watch a movie, there is typically an individual with a problem. The plot thickens over time, creating tension. And it’s this tension that keeps you engaged to see how things unfold.

Risk Management 221

Risk Management Risk Estimate Budget 221

ProjectManager.com

FEBRUARY 24, 2020

It is typically made up of four processes: resource planning, cost estimation, budgeting and cost control. Cost Estimation. The second stage, cost estimation , is a process that’s iterative—meaning that it’s designed to change as the project changes. Resource Planning.

Planning 293

Planning Estimate Budget Project Cost 293

ProjectManager.com

AUGUST 21, 2019

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. An Overview of Cost Estimation.

Estimate 315

Estimate Technical Review Project Cost Governance 315

Rebel’s Guide to PM

FEBRUARY 12, 2024

When you look through the lists of competencies for a project manager , it’s hard not to be daunted by the huge range of skills that we are supposed to have. Again, lean on the team to put together estimates that are reliable: working with the correct numbers makes everything easier and helps you avoid common scheduling mistakes !

Finance 319

Finance Risk Management Budget Risk 319