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Improving the Estimation Process

Aug 31

Written by:
31/08/2011 15:16  RssIcon

Estimating is defined as an informed assessment of an uncertain event. For project managers, accurate estimates are the foundation for effective project planning and execution. There are many processes that have been developed to assist in the estimation process. Without proper estimating of project duration, cost, resources, risks, and other parameters, it is impossible to implement proper alternatives to ultimately make timely and sound decisions.

There are five (5) main steps of practice that an effective project management program



engages to maximize their success of projects, which include: project planning; project baseline; reporting; change control; and project closure. Each of these steps is individually built upon accurate estimating and control to ensure positive project results.

So what are some typical events that may impact the validity of your estimates?

  1. Poorly defined scope of work-this includes misinterpreted work elements,



    or tasks that are not granular enough for where you are in the project life cycle (PLC).
  2. Lack of knowledge for internal project cost.
  3. Inflated optimism the proverbial rose-colored glasses way of guessing project problems or events.
  4. Failure on risk management-ignoring risks and uncertainty will skew



    the estimates and become unrealistic.
  5. Time pressure or unrealistic targets-this is a miscalculation of the time a project task will take and failure to communicate what is reasonably achievable.
  6. Adoption of inappropriate estimation methodologies.
  7. Failure to utilizing historical data.

So with so many factors that could possibly cause estimate imprecision, what can be done



to help make you more accurate?

  1. Educate your project team and organization on estimating and require the appropriate project team members to prepare the estimate for their scope of the project.
  2. Reach out to a subject matter expert (SME) with experience for scenarios.
  3. Incorporate peer reviews and estimate validation processes into your PLC.
  4. Incorporate Risk Management and contingency developed throughout the PLC.
  5. Encourage estimating and re-estimating after each phase of the PLC.
  6. Have accurate and timely documentation of change requests.
  7. Research historical data on the project effort, schedule, cost, risk, and resources for lessons learned, and make appropriate adjustments. Statistical baselines



    should be created and revised periodically.
  8. Use mock ups, trial runs, field studies, or other simulations as a guide.
  9. Define work scope accurately and accurately track time against each task.
  10. Basis of Estimate Document.

Project Estimation should include validation of project performance based against the plan, and should use metrics based on project estimates and actuals when making decisions. A sound risk management program should also be implemented and to capture risk occurrence for future reference. Risk management will reduce the uncertainties



and will enable better estimates.

Finally, estimation methodologies should be put in place to determine project health and make informed decisions on contingencies.

In conclusion, there is an unrealistic pressure to complete projects faster, cheaper, and more efficiently. Developing and implementing these control points into the estimating process, you increase the accuracy of your estimate and the probability of delivering projects accurately and timely.







About Integrated Consulting

Founded in 2005, Integrated Consulting is among Houston’s premier project management and controls organization that helps significantly enhance project success by providing unbiased project consulting and implementation, providing data for informed decision making and accurate forecasting and helping attain strategic goals. Involved with groups such as PMI, AACEi and Houston Pipeliners Association, Integrated Consulting trains and supports its clients on reducing risk, cost trending, monitoring schedules, project management, and implementing new systems and standards.







For more information on Integrated Consulting and our services, please visit www.icpcs.com, email info@icpcs.com or call 713-542-9084.

Copyright ©2011 Integrated Consulting

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drivers download Utility has powerful functions. drivers download Utility can help you to find as many drivers as you can imagine. Based on a huge and comprehensive database of more than 200, 000 driver entries. windows drivers download Utility supports drivers for almost all major computer hardware and device manufacturers such as Dell, HP, Lenovo, Samsung, Toshiba, ASUS, Nvidia, Intel, Realtek, Brother, EPSON, Compaq, Gateway, and so on. windows drivers download Utility can fix driver issues for your motherboard card, chipset, graphics card, audio& sound card, video card, monitor, printer, webcam, network adapter, router, USB, bluetooth, fireware, etc and keep the drivers updated. Audio and Sound Card Drivers If your computer has no sound, crashes when a sound is played or fails to play a sound when a sound appears to be running, windows drivers Utility will help you to fix the problem with the sound driver. Video Card Drivers When you make changes to your operating system or new software, it may cause conflicts with your video card or video card driver. download drivers for windows 7 Utility can help you find the correct video card driver.
# windows video driver update

By TrackBack on   10/04/2015 14:55

photo recovery software

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By TrackBack on   10/04/2015 14:56

how to repair dns server not responding

Smart how to fix Dns Server Not Responding Pro owns a fresh copy of the Windows registry using information contained in your existing registry. In doing so, Smart Dns Server Not Responding Fixer Pro enhances your system performance by removing fragmentation, gaps, and deleted registry entries. The result is a cleaner, leaner registry that uses less disk space and consumes fewer memory resources. The DNS, which stands for Domain Name Server, is a most important part of your computer for it serves as a hierarchical naming system designed to identify a website and its IP address, which is built on a distributed database for computers, or for any resource connected to the Internet. Many people have been having trobule many problems with their computers DNS because their computers can often become confused with the various important DNS settings on your computer. Smart repair Dns Server Not Responding error Pro should run whenever a new application is installed or removed from your system, and at least once a month to ensure that your machine is operating at peak performance. Registry problems are the usual cause of Windows crashes, error messages, and degraded performance. Smart repair Dns Server Not Responding error Pro can clean and fix Windows registry problems with a few simple mouse clicks.
# how to fix the dns server

By TrackBack on   10/04/2015 14:57

what is chkdsk utility

Professional how to fix Chkdsk Utility is effective Chkdsk Utility Fixer which is able to fix this error in a few minutes. This tool provides people an easy-to-use interface which is accessible for both computer novices and advanced computer users.
# what is chkdsk utility

By TrackBack on   10/04/2015 14:58
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