Join Bob McGannon for an in-depth discussion in this video Estimation approaches, part of Project Management Foundations: Budgets (2014).
…A great way to increase your popularity as a project manager is…to ignore sound estimation techniques and get your project estimates all wrong.…I guarantee you, you'll get more visitors at…your desk, many more emails, and phone calls.…Unfortunately, they won't be communicating congratulations on a job well done.…So you don't lose sleep considering this scary fate, let…me share a few trusty approaches for building your project estimates.…
First is expert judgment.…This is when you ask an expert what they think.…Someone who's been there and done that on similar projects.…Your expert can be internal or external to your organization.…As long as they have the knowledge and experience…you need their insights can help you estimate appropriately.…A second technique is known as analogous estimating.…Simply, it uses analogies which are projects that have been…delivered that are similar to what you are about to do.…
They help lead you along the right estimation path.…For it to work, you need the actual costs of previous similar projects.…
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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.