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Estimation Techniques and how to better estimates keeping in view the cone of uncertainty
Project estimation, development, and monitoring go hand in hand. Effective project management requires consistent and repeated estimation methodologies to manage the limitations of scope, time, finance, and quality to ensure project success.
This video from Project Management Series presented by Mudassir Iqbal highlights the significance of estimation techniques critical to managing a project and providing a direction to the team when the task is about to be completed. The video conducts an in-depth analysis of various estimation techniques including expert judgment, analogous estimating, parametric estimating, bottom-up and 3-point estimates to prepare the Project Managers for potential implementation tailbacks.
Top Down/ Analogous Estimation
Uses the actual cost of a previous, similar project as the basis for estimating the cost of the current project
Bottom-up Estimates
Estimates the cost of individual activities or work packages with the greatest level of specified detail.
Parametric Estimates
Uses a statistical relationship between historical data and other variables to calculate the estimation of activity parameters
Three-point Estimates
A technique that uses three cost or duration estimates to represent the optimistic, most likely, and pessimistic scenarios.
The session provides references for project managers and team members to understand the project estimation techniques and applying it appropriately in the projects. Mastering these important skills can result in projects running smoothly. The session would cover estimation techniques, project estimating approach, managing and revising estimates, refining the estimation process, estimation challenges and preeminent practices.
This video is from Project Management Seminars Series presented by Mudassir Iqbal, PMP which goes On-Air every Saturday at 19:00 GMT. The series explores the how to effectively manage projects based on the Project Management Practices suggested in PMBOK Guide by PMI.
The Episode went On-Air on 6 Oct, 2018
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