Wednesday, January 6, 2016

How to estimate effort, duration or cost?

The practice of estimating in project management is one of the most challenging. Whether you’re trying to figure out project effort, duration or cost, given the inherent uncertainty of projects and their uniqueness, we often end up “guesstimating.” This article provides techniques to use in order to be as accurate as possible in doing your estimates. While I focus on effort estimation, the same techniques apply to duration or cost estimation.
Let’s start with a reminder about how project time management is articulated, according to the PMI® PMBOK® Guide & Standards, Fifth Edition: