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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The Five Project Process Groups

The Five Project Process Groups

1.Initiation
2.Planing
3.Execution
4.Monitoring
5.Controlling
6.Closure

Initiation Phase

* Recognizes the beginning of the project
* Define and authorize the project
* Name the project and project manager
* Define scope
* Identify the deliverable
* Ascertain the duration and resources
* Phase output: the Project charter

Planning Phase 

* Develop the Schedule
* Define the Budget
* Identify Risks
* Identify Resources
* Phase output: The project management plan

Execution Phase

* the Real work begins
* Execute your plan
* Coordinate staff
* Phase output: Deliverable finished and accepted

Monitoring and Controlling

* Continuously monitor the project
* analyze the issue associated with the deviation
* Execute approved changes
* Phase output: take corrective action

Closure Phase

* Turn Over deliverable
* Closure of the project
* Release resources
* Close Contracts
* Review Projects
* Create a final report
* Phase output: formal acceptance and sign off

Learn Project Management

Sample Documents for Project Management

=> Work Breakdown structure
=> Ishakawa Diagram
=> Gantt Chart
=> Milestone Chart
=> Summary Chart
=> Run Chart


Project Management Institute (PMI)
www.pmi.org
www.itbusinessedge.com



Planning Phase

=> Scope Statement
=> Boundaries
=> Constraints
=> Deliverable
=> Work Breakdown Structure
=> Budget
=> Schedule


Execution Phase

=> The Project Work
=> Communication
=> Risk Management
=> Project Management
=>Charts and Diagrams
=>Quality Management

Team Building

=> Selecting
=> Developing
=> Conflict Resolution


Controlling and Monitoring

=> Tracking
=> Reporting
=> Earned Value Analysis

Change Management

=> Unified change


What is Project


A Project is a temporary endeavor


A Project creates a unique product or service



Project vs Operations

=> Project

-Meets a specific business need
-Always temporary
-Must have clearly defined and measureable goals

Operations or Process

-Ongoing Effort
-Repetitive



Triple Constraints of Project 

-Time (The amount of time available to complete a project)
-Cost (The budgeted amount available for the project)
-Scope (What must be done to produce the project's end result)