In project management, cost and schedule estimation refers to the practice of projecting the amount of time and money required to accomplish a project. This process entails identifying and assessing all essential tasks, defining the resources (e.g., people, materials, equipment), and estimating the duration of each activity. The information gathered and processed through estimation is […]
Parametric estimation is a project management technique that uses statistical data and mathematical models to estimate the cost and duration of a project. It is based on the idea that many project characteristics can be described and predicted using statistical data and that a mathematical model can be used to estimate the cost and duration […]
Bottom-up estimation, also known as detailed estimation, involves breaking down a project into smaller tasks or activities, and then estimating the time and resources required for each task. This approach allows project managers to estimate the cost and duration of the project by summing up the estimated costs and durations of all the individual tasks. […]
Analogous estimation, also known as top-down estimation, is a project management technique that uses historical data from similar projects to make an estimate for the current project. This approach involves identifying a previous project that is similar in scope, size, and complexity to the project is estimated, and then using the data from that project […]
A context diagram is a high-level diagram that shows the relationship between a system and its external entities. It is used to provide a clear and simple overview of a system and its interactions with other systems or actors. The elements of a context diagram typically include: Example of the Context Diagram An example of […]
Product requirements in project management refer to the specific needs, wants, and expectations of the stakeholders for a particular product or system. These requirements are used to guide the development of the product and ensure that it meets the stakeholders’ objectives. Product requirements can be grouped into different categories such as functional requirements, which describe […]
An iterative planning technique, a form of progressive elaboration, in which the work to be accomplished in the near term is planned in detail, while the work in the future is planned at a higher level This method is typically used for projects with a high degree of uncertainty, such as projects with a long […]
Progressive elaboration is a project management technique used to gradually increase the level of detail in a project plan as more information becomes available. It is closely related to the rolling wave planning method, and is often used in conjunction with it. The technique involves starting with a high-level plan and then adding more detail […]
“Project management., program management, portfolio management and operations managed as a group to achieve strategic objectives. ” PMBOK Project The project can be every size imaginable in virtually every industry, and project managers supervise them regardless of these specifics. A project may be managed in three separate scenarios: Project Manager He is responsible for meeting […]
