Join Chris Croft for an in-depth discussion in this video Estimating costs and time, part of Project Management Simplified.
- 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…
Lynda.com is a PMI Registered Education Provider. This course qualifies for professional development units (PDUs). To view the activity and PDU details for this course, click here.
The PMI Registered Education Provider logo is a registered mark of the Project Management Institute, Inc.
- Defining project scope
- Deciding how to list tasks
- Estimating costs and time
- Planning for risk
- Staying on budget