Join Bob McGannon for an in-depth discussion in this video Establishing an estimating structure, part of Managing Project Budgets.
…I wish I could tell you that all of my project estimates were accurate.…They haven't been.…And yours probably won't be either.…As much as that sounds pessimistic, I share that because it's reality.…Before all of us project managers end up…going into a corner and sulking, take heart.…Let me share something else with you.…It's okay to be wrong.…Really, it's okay.…You have to produce estimates to move things forward.…The idea, however, is to be wrong for as short a period of time as is possible.…
And that's where establishing an estimating structure comes in.…If you remember earlier, I talked about the three types of estimations, as…well as the different tools and techniques you can use to produce them.…However, in the real world, you don't have to use a fixed structure.…The estimation stages and techniques are tools…to apply within the context of each project.…They should be customized.…So, here are a few tips to…create your estimating structure for your particular project.…
First, start with any standard approaches typical to your industry.…
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- Discovering costing standards
- Examining capital and operating costs
- Assigning costs to resources
- Communicating your budget
- Recovering a bloated budget
- Addressing budgeting issues<br><br>
- The PMI Registered Education Provider logo is a registered mark of the Project Management Institute, Inc.