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Project Management Orientation

Estimating a project involves predicting the amount and cost of resources required to execute the project.  Using an estimate enables you to develop an idea of the final, required budget.

When estimating, follow these guidelines:

  1. Establish objectives.
    Ask why the estimate is being prepared.  What is the required accuracy? Who is the intended audience? When is the estimate needed?
  2. Determine details.
    Gather the information needed to prepare the estimate and understand how the sponsor’s environment might have an impact on the estimate.
  3. Select the appropriate tool.
  4. Develop a strategy.
    Identify the estimators, develop a detailed plan for gathering estimates, determine the type of estimating validation to be used, and review the history of similar projects.
  5. Prepare the estimate.
  6. Include contingencies associated with risk response planning.
  7. Validate and finalize.

Ask if this is an independent estimate or if it will be developed with detailed scrutiny of every aspect of planning and estimating work.

Are you ready to learn more?  This module enables you to:

1: Getting Started
2: Define the Project Team
3: Team Management
4: Identify and Validate Requirements
5: Create Decomposition Structures
6: Risk Management
7: Project Estimates
8: Project Schedules
9: Change Management
10: Project Control and Execution
Defining the Project
11: Project Management Review
12: Project Closeout
13: Project Management Tool Suite
14: Self-Assessment and Final Exam
Fast Points
Concepts
Seven Keys
Case Study
WWPMM
Mentor
Check Point
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