Blog 4

 Blog 4

In project management getting estimates right is on of the most important steps. In planning a project before any work is begins, project managers must figure out some key issues before beginning such as, how long tasks will take, what the costs will be and what resources are needed. These key issues build the spine of the schedule, the budget and also deliverables

Accurate estimating starts with a clear understanding the work. Project managers shouldn't be making any assumptions alone. It is important to have the people who are going to be actually doing the work involved as they are likely to have first hand knowledge of the work-load and will be able to provide realistic estimates on time, materials and effort needed. These inputs from multiple team members helps to avoid overly optimistic estimates for projects.

Basing estimates on typical working conditions and realistic productivity is another key step. Whist it may be tempting to only plan for ideal circumstances, roadblocks such as resource shortages, supplier delays need to taken into consideration. The use of data from previous projects can assist in keeping the estimates grounded.

To approach estimating, there are two main ways to consider they are Top-down and Bottom-up. The top-Down method uses past experiences and data to give a rough estimate in the early planning stages. As for Bottom-Up method it instead breaks the project into smaller tasks and estimates each one and then adds them up to give a complete view. Usually it is best to use both of the methods mentioned and create a full picture, starting with top-down and then refining with the bottom-up allo0ws the scope to be more clear.

Even through using some careful planning the estimates will never be perfect. It must be remembered that projects will always face uncertainty, it is very important to include back-up plans, which will assist when these uncertain moments show, cost increases, technical difficulties can give unexpected problems to projects. It is important to have a realistic buffer as it can help in stopping a project in completely falling apart.

When the estimates miss the mark, the after effects will be felt throughout the whole project. Underestimating in projects whether it is time or cost can lead to missed deadlines, budget overruns and over worked teams frantically trying to catch up. These issues can lead to a loss of trust, resources may be stretched thin and others may be dragged into the project to try and fix problems.

It should be noted that many good projects fail not necessarily because the initial idea was flawed, but instead because the estimates were off. Failure to provide realistic numbers and goals leads to teams chasing targets that are not achievable, leading to a project that is doomed from the start.

To sum up, providing an accurate estimate is not just about guess work. By blending data, experience and clever judgement the projects stand a better chance of succeeding.

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