- So now we come to step three, which is the estimating.…And we want to estimate for our project…what are the tasks going to cost…and also how long are they going to take.…So we're talking about the money…and the time in exactly the same way here.…Now, I want to use the example…of driving home just to illustrate this.…Let's suppose you've got a 30 minute journey home.…On a good day if you're really lucky, you might do it in 20.…And on a bad day, maybe it'll take you twice as long.…It might take as much as 60, okay.…
And you may have similar numbers for your project.…This might be how many weeks it takes…to do your project, and it also might be…how many thousand dollars it costs to do your project, okay.…So it's exactly the same for the money and the time.…The problem we've got is what are we going…to tell our customer when they ask…how long is the project going to take?…Now, if you think about the probability of this,…let's suppose that you do a bit of a survey…of your journey home, it'd be a bit sad.…But suppose you recorded your journey time…
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- Define the project scope.
- Identify how to list tasks.
- Estimate costs and time.
- Assess how to plan for risk.
- Determine how to stay on budget.