Project management knowledge


  Estimating Project Times and Costs  
Estimating Project Times And Costs Submitted by Cpt.Anupon Naksut  

       Today , I have the new knowledge for everyone  in project management (Estimating Project Times And Costs ) and I need to present this subject with following information below and hope that it will be useful for your guys as possible for our better life.

       Firstly we can say that estimates are the central important to establish the basis for key project decisions, for establishing the metrics against which project success will be measured and for communicating the status of a project at any given point in time and the purpose of the plan to estimating is to establish credible plans for undertaking the required initiative, program, or project, and to underpin other managerial activities, including the dissemination of planning information to stakeholders and other interested parties.

       Then for having the good estimating project Times and Costs in my opinion , I think that we should understand the influencing factors that will impact with our estimates first and this factors should be following : Planning, Project duration, People, Project structure and organization , Organization culture and Other factors  (holidays, equipment down time etc)

      Then we will produce the suitable estimating guidelines for the way to go for the member in organization  such as we should  assign responsibility to person who most familiar with task at work package level, should assign appropriate time units (days, months, minutes etc) to our project, should treat all tasks as being independent and/or should incorporate in risk assessment and so far.

      After this we should find some appropriate approach to do the estimates that suitable and matching with our organization and we can say that the Macro VS Micro or Top-Down VS Bottom-Up is one of several approaches that we have in the project management world.

       Macro estimating (Top-Down) : This is the usually rough estimates that good for initial and strategic decision making and also match for the estimate situation that have little benefit.

       Micro estimating (Bottom-Up) : This is the approach that preferred and more reliable because it assess into each work package rather that the whole project.

       So when we done this with some approach in the estimating , we will set the budget along with time phases and not only this we will also have to looking for adjust our estimates in the future as the project planning progress and establish contingencies and the time buffers to reduce uncertainty then we can make adjustment to work packages as necessary.

       At last , we can conclude that indeed the success of any project, we could  regard to the two key important factors that are getting the 'Requirements' right and 'Project Management' that in my opinion ,both are very essential for the fundamental establish of effective estimating.


    Thank you very much

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