estimate

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  • Created by: stonesy71
  • Created on: 14-08-20 08:47
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  • Estimating
    • How much, how long
    • Estimating Errors
      • Optimism/ Pessimism
        • Cultural/ human/ psychological
      • Social/ Political pressure
        • Pressure from peers/ management/ client
      • Experience
        • Lack of training/ knowledge
      • Unclear scope
        • Clear understanding of project reqs
      • Inaccurate source data
        • Qualitative data harder to compare?
    • Methods
      • Comparative
        • Uses previous data from projects.
        • PROs: Quick to make, reliable if lots of projects have been done
        • CONs:   Relies on expert judgement, comparisons can be hard if different circumstances
      • Parametric
        • Requires reliable historical data
        • PROs:   Widely respected, can be very accurate, provides timely estimate
        • CONs: Factors like inflation can affect, requires a LOT of data
      • Bottom up (Analytical)
        • =Detailed estimate is produced for each work package, used via the WBS
        • PROs: Accuate, enables input from SMEs
        • CONs: Time consuming, contingency may be rolled up through WBS levels
    • 3 Point Estimating
      • PERT (Programme evaluation and review technique)
        • Calculation:
      • Considers 3 estimates:
        • Most likely + Optimistic + Pessimistic
      • Why? increased confidence

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