Join Bonnie Biafore for an in-depth discussion in this video Estimating time and cost, part of Project Management Foundations: Schedules (2013).
When you start planning a project, you need to estimate what it's going to take. …Estimating can be tough, but there are ways to make it easier. …The first step is to get everyone to agree on the level of accuracy for estimates. …There are three levels of accuracy to choose from. …You can start with a rough estimate, plus or minus 50%, to see if a project makes …sense to pursue. As you get additional details, you can …put together more accurate estimates. The second level of estimate is the …mid-range estimate. These are usually plus or minus 25%.…
When you finish one project phase, or a pilot project, you can re-estimate the …next phase based on what you've learned. The third level is the detailed estimate. …These take the longest to develop but they should be really close to your final …numbers, plus or minus 10%. The second step is to estimate tasks. …There are many ways to do this. If you have information about a similar …project in the past, or team member's performance on other projects, by all …
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- Identifying the work that needs to be done
- Adding milestones
- Delaying or overlapping tasks with lag and lead time
- Assigning resources
- Balancing workloads
- Adding buffers and baselines to the schedule
- Uncovering and correcting out schedule problems<br><br>
- The PMI Registered Education Provider logo is a registered mark of the Project Management Institute, Inc.
Skill Level Appropriate for all
1. Understanding a Project Schedule
2. Identifying and Sequencing Tasks
3. Assigning Resources to Tasks
4. Planning to Balance Workloads
5. Optimizing Schedules
6. Managing Schedules
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