Project estimation is crucial, as explained in every online PMP course. Because the project estimation determines the project schedule and duration. The project estimation determines the company’s objectives and aligns other projects. Based on the deadline, project stakeholders set expectations. PMP exam questions will test your knowledge of project estimation. Naturally, PMP project management training will include lectures on project estimation.
What are the 9 most important points to remember about project estimation?
Let’s now go over the most important points one by one.
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WBS should be used to estimate project costs. This will improve accuracy. WBS is a breakdown of the work to be done throughout the project. It also shows the work packages and work accounts. in detail. If you are estimating, it is important to consider the WBS components. This will help you make a successful estimation.
The person who is doing the work should estimate the activity. This is essential to gain the support and motivation of the project team member. The team member’s experience and competence can affect the estimation of an activity. A more experienced member of the team might be able to complete the same activity in a shorter time. The assignee must give estimates.
Historical information from previous projects is crucial for accurate estimations. It is a good idea to keep records of any similar projects that were completed in your company. This will help you estimate the new project. The actual results of similar activities will help you to see what will happen in the new project. This will allow for a realistic project estimate and minimize possible variations.
Schedule baseline should always be established at the beginning of a project and should not be altered except for change requests. Schedule baseline is the plan for each activity within a project. These initial dates will be checked against actual values to determine the project’s performance. To measure the variations and make the necessary corrections to project, the schedule baseline must not change unless there is an approved change request in project.
Schedule problems can be corrected by requesting changes. Once the schedule planning is completed, project execution can begin. The actual project activities will be different from the planned values. To get the project back on track, it is necessary to correct any deviations in the schedule.
The estimate to complete (ETC), value may be recalculated by the project manager periodically. Estimate to complete is the amount of money needed to complete all remaining activities within a project. It is important to determine if your budget will be sufficient to cover the estimated total value of the project. To prevent any deviations, you must take corrective and preventive measures if there is one.
For the most accurate project estimate, there is a process. First, break down the work packages into smaller tasks. These activities will then be estimated by the assignees. During project estimation, different techniques may be used. These techniques are necessary to improve the accuracy of estimation.
Any agreed-upon estimates must be met by the project manager. The project estimation is used to estimate the cost of a project and ensure that it is completed within a given time frame, budget, and quality. The ultimate goal of a project manager is to manage and deliver the project work.