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Archive | Estimating Techniques

Order of Magnitude Estimates How to Calculate & Present

Order of Magnitude Estimates are rough guesses made at the very beginning of the project even though little is known and everything can change as planning progresses.  They use historical project data with analogous mathematics and the numbers are calculated for the whole project not for tasks or major deliverables.  They are usually expressed as […]

Bottom-up Estimating – Video

Bottom-up estimating is a project management technique in which the people who are going to do the work take part in the estimating process. Typically those people are the project team members. They work with you, the project manager, to develop estimates at the task level in the work breakdown structure (WBS). When you set the […]

Project Estimation Sponsor Games

Project Estimation Sponsor Games are played by ineffective sponsors who use intimidation and manipulation avoid being held responsible for project results. These sponsors don’t play the sponsor role effectively by clearly detailing the project scope and the deliverables they want.  Instead, the dodge all commitment and seek to set up the project manager and team to […]

How To Do Analogous Estimating – Video

Analogous estimating will improve the time and cost estimates for your project. First, let’s talk about why estimates are often inaccurate and useless to the project’s decision-makers. That’s because project managers frequently estimate cost and duration by “plucking numbers out of the sky.” Or they provide estimates that have no basis in reality but are what the project sponsor wants to […]

Communication Techniques – Video

One of the most challenging parts of project management is choosing the communication techniques to use with all the different people who are involved with your project. Each of the team members, stakeholders and executives has a different personality and a different communication preference. You need to be able to “type” each of those personalities […]

Project Estimation Techniques

Project estimation techniques are critical survival tools for predicting when a project will finish and how much it will cost. Estimating duration and cost accurately can make the difference between consistent success and frequent failure.  Project managers need to use different techniques during the project phases to provide good information to the decision-makers. Let’s look at some estimating situations and […]

3-Point Estimating

Estimating is tricky for project managers because the customer wants the project to be done quickly and cheaply. You want your team to be committed to the numbers because they are realistic and fair. On top of that, everyone is concerned with the risk that exists on any project. So the best estimating technique should […]

Time Estimation: The Wrong Way – Video

Time Estimation is part of every project manager’s daily life. Project managers have to make time estimates at the very beginning of every project, during the initiation phase. That’s because the sponsor needs to know when the project will be done. The sponsor wants to be sure the PM will meet his due date expectation. The […]

PERT Estimates – Teaching Your Team How to Do It

PERT Estimates (Program Evaluation and Review Technique) are sometimes called 3-point estimates. The reason this technique is a best practice is that it gives you three benefits: Increased accuracy Useful information on the risks of each task that you estimate Better commitment from the project team members because the estimate considers the task’s risks.   […]

Project Cash Flow

Making Sure the Project Cash Flow Will be There Just as project managers must secure the availability of the project team members and the materials or equipment required for the tasks, they must also secure the project cash flow availability. While some contractors will wait until the completion of the project to receive payment, others must be paid […]

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