The accuracy of an estimate is a measure of how close the estimate is to the actual value. The accuracy of an estimate can be affected by several factors, including the amount of information available, the level of detail in the estimate, and the method used to create the estimate. The Usage of different estimates […]
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 […]
Three-point estimation is useful in situations where there is a high degree of uncertainty and risk involved in the project, and when it is difficult to make accurate point estimates. It allows project managers to identify the range of possible outcomes for each task, and to make more informed decisions about resource allocation, project timelines, […]
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 […]
The critical path method (CPM) is a project management technique used to plan, schedule, and control a project. It is used to identify the sequence of tasks that must be completed on time in order for the project to be completed on schedule. CPM is a widely used method in many different industries, including construction, […]
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 […]