In project management, a well-crafted schedule is the heartbeat of success, orchestrating tasks, resources, and timelines into a symphony of progress. The project schedule is the flight plan that brings order to the chaos of competing priorities, and project scheduling is to a project manager like landing an airplane is to a pilot—most people would... [Read More]| ProjectEngineer
Once the tasks within the project have been defined, the resources required by each task must be determined. To do this, we consult the PMBOK's Estimate Activity Resources process. PMBOK, 5th Edition, Section 6.4, "Estimate Activity Resources" Estimate Activity Resources is the process of estimating the type and quantities of material, human resources, equipment, or... [Read More]| ProjectEngineer
Project estimating requires predicting the future. Like ancient prophets and soothsayers, today's project managers are experts in telling people what is going to happen. The key to success, then, is to ensure that what actually happens is the same as the estimate. This might seem like magic sometimes, but it requires strong project cost estimation... [Read More]| ProjectEngineer
Almost every project requires an estimate. Since a project is, by definition, temporary, somebody must approve a budget for it. Which means they must know how much to approve. The available types of estimates can be categorized into the following groups: Accuracy Source of Data Estimating techniques Accuracy In many industries, project estimates start very... [Read More]| ProjectEngineer
Accurate project estimating is critical in project management, as stakeholders require clear insight into costs for temporary endeavors with defined timelines. Detailed estimates, initiated before a project begins and refined throughout its life cycle, ensure informed decision-making and effective budget planning. Where Does the Detailed Estimated Fit? The Detailed Estimate is generally considered the third... [Read More]| ProjectEngineer
Once the project has been divided into tasks and resources assigned to those tasks, the next step is to determine the task durations. This may seem trivial, but its importance cannot be understated because these durations will be used to construct the project schedule. Just like the tiny O-rings that brought down the space shuttle... [Read More]| ProjectEngineer
Top Down estimating is a project estimating technique whereby the overall project is estimated first, and individual tasks are apportioned from it. You start from the top of the pyramid and work downwards. This approach shines when budgets are fixed or scope must align with limited funding, a reality for most projects far from the... [Read More]| ProjectEngineer
Accurate project estimating is a cornerstone of effective project management, as stakeholders demand clarity on costs within fixed budgets. The Rough Order of Magnitude (ROM) estimate is the initial cost projection in a project’s life cycle, used to screen potential projects or secure funding approval. Regularly refined at key milestones, the ROM estimate sets the... [Read More]| ProjectEngineer
On January 28, 1986, the NASA Space Shuttle Challenger erupted in a fiery spectacle just 73 seconds after launch, unraveling before one of the largest live television audiences ever recorded at the time. The investigation that followed pinned the catastrophe on a seemingly minor detail: the failure of several O-rings—rubber seals, roughly a foot in... [Read More]| ProjectEngineer
Bottom up estimating is the project management technique of estimating individual tasks and then combining them into an overall project estimate. Often the individual project team members who will be performing the task provide the estimates, because they are in a better position to estimate a task that they will be working on. Types of... [Read More]| ProjectEngineer
Three point estimating is a technique which utilizes an optimistic and pessimistic estimate to determine the ideal estimate value for a project task. It is a shoe-in for PMP exam questions, which is not likely to change anytime soon. It allows known risks to be quantified and built in to the project budget. Formula There... [Read More]| ProjectEngineer
Parametric estimating is a topic whose inclusion on the PMP Exam is a virtual certainty. As such, this article is assured to give you at least one point (but more likely four or five). What is Parametric Estimating? Parametric estimating is a project estimation technique whereby a unit rate is used and multiplied by the number... [Read More]| ProjectEngineer
Analogous estimating uses the actual data from a previous project as the basis for estimating the current project. For example, the previous fence cost $75/foot therefore this one should cost about $100/foot. Many different variables can be compared, such as: scope cost budget duration Measures of scale: Size, weight, length, etc. Work units: Number of piles driven,... [Read More]| ProjectEngineer
