Estimating Types

Estimating Types

1.Bottom -up estimates
 -Start at the lowest level of the work breakdown structure
2.Analogous (Top-down)
-Historical data from previous similar projects
-Quicker -general idea of cost
-less accurate

3.Parametric modeling

-Mathematical
-Values


Bottom -Up estimating

1.Allowance for change
2.Best and worst case scenario
3.Most likely scenario


Three Point Estimate

O=best case Estimate
ml=most likely estimate
p=worst case estimate


e=(o+ml+p)/3


Program Evaluation and Review Technique (PERT)

O=Best case estimate
ml=most likely estimate
p=worst case estimate

e=(o+4*ml+p)/6


Estimating Work Hours

-Realistic Estimates
-Effort time
--Effort not duration
--Based on actual effort -uninterrupted
--Independent of availability
--Skills
--Named vs average resource
--Resource availablity
--75% -80%

Stakeholders

Stakeholders

1.Someone who is actively involved in the project
2.Someone impacted by the project
3.Have something to gain or lose
4.May be involved during different phase of the project
5.have influence over the project
6.Expections need to be met
7.Appropriate communication

Project Charter

1.Formal authorization fo the project
2.Project bluepring
3.Defines the business need
4.Name the sponsor
5.Names the project manager

The Scope statement

The Scope statement

1.project boundaries
 -What work will and won't be included
2.Project Constraints
 -Restrictions of time, cost, and Quality
3.Project assumations
-Assumations made
-Consequences if false

Work Breakdown Structure (WBS)

Work Breakdown Structure (WBS)

1.Decomposition of the scope statement
2.Break down of the deliverable
3.Smaller, easily managed components
4.Work package
-Assigned to a single resource
-Realistic estimate of time and cost
-<80 hrs
-Not a task list

WBS Dictionary

-Generated by te WBS
-Provides more the detail
 -Resoures required
 -Cost estimates
 -Quality requirements
 -Acceptance criteria
 -Contract Information
 -Responsible individual
Importance of the WBs

1.Estimating costs and budgeting
2. Scheduling
3. Activity definition
4.Risk management planning
-Resource planning

WBS Methods
1.Top down
2.Bottom-Up
3.Analogous
 -Previous similar projects
 -Historical Data
4.Guidelines
 -Organizational Processes

Qualities of Ideal Manager

1. Negotiation
2. People skills
3. Organization
4. Confidence
5. Communication
6. Attention to detail
7. Support
8. Budgeting
9. Trust
10. Leadership
11. Efficient
12. Problem Solving
13. Focused

Project Life Cycle

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