estimate
- Created by: stonesy71
- Created on: 14-08-20 08:47
View mindmap
- 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?
- Optimism/ Pessimism
- 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
- Comparative
- 3 Point Estimating
- PERT (Programme evaluation and review technique)
- Calculation:
- Considers 3 estimates:
- Most likely + Optimistic + Pessimistic
- Why? increased confidence
- PERT (Programme evaluation and review technique)
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