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Project estimates are projections of costs, task completion times and resource needs for a project, often broken down by activity. Estimates are the basis for plans, decisions and schedules and their accuracy is critical. However, as future-looking approximations they are inherently subject to uncertainty. The following are common methods of developing project estimates.
1. Analogous EstimateAn estimate based on comparison to the effort required to complete similar activities or projects in the past.2. Bottom-UpEstimating the lowest level activities that you can identify and aggregating the results to determine estimates for higher level activities and the entire project.3. Parametric EstimatesUsing an algorithm or calculation to develop an estimate based on a number of variables. Often produces estimates based on low level factors such of lines of computing code. People tend to assume parametric estimates are more accurate because they are often more complex. However, as with any estimate they are garbage in garbage out. In many cases, you end up asking a developer how many lines of code an activity requires instead of asking how many days it will take.
4. Three Point EstimateThe weighted average of optimistic, pessimistic and most likely estimates.|
Type | | Definition | Projections of costs, task completion times and resource needs for a project. | Related Concepts | |
Estimates
This is the complete list of articles we have written about estimates.
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An overview of estimating with story points including planning poker.
A list of common project risks.
A list of basic project management techniques.
A definition of workaround with examples.
A list of project branding techniques.
An overview of project stakeholder management with examples.
A definition of action plan with examples.
The primary types of cost overrun.
The definition of document control with examples.
A guide to project oversight.
A definition of design driven development with examples.
A list of common project risks.
A list of common project stakeholders.
A list of common business risks.
The difference between a risk and an issue.
The five things that can be done about risk.
The definition of secondary risk with examples.
A guide to creating a risk register with an example.
A definition of risk perception with examples.
The common types of implementation.
A reasonably complete guide to project risk management.
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