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Chapter 5
Estimating Projects
Estimating
The process of forecasting or approximating the time and cost of completing project deliverables. The task of balancing the expectations of stakeholders Types of Estimates Top-down (macro) estimates: analogy, group consensus, or mathematical relationships Bottom-up (micro) estimates: estimates of elements of the work breakdown structure
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Organization Culture
Quality of Estimates
People
Padding Estimates
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TABLE 5.1
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Level of Detail
Level of detail is different for different levels of management. Level of detail in the WBS varies with the complexity of the project. Excessive detail is costly.
Fosters (create) a focus on departmental outcomes Creates unproductive paperwork
Developing Budgets
Time-Phased Budgets
A cost estimate is not a budget unless it is timephased.
Time phasing begins with the time estimate for a project. Budget variances occur when actual and forecast events do not coincide.
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Types of Costs
Direct Costs
Costs that are clearly chargeable to a specific work package.
Labor, materials, equipment, and other
Responsibility Use several people to estimate Normal condition Time units Independence Adding Risk assessment to the estimate helps to avoid surprises to stakeholders.
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