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Engage Project Teams to Draw Better Cost Estimates

Project cost estimation is a complex calculation that demands your client’s guidance and team’s attention. There is a mutual understanding required to feature priorities, business value, and desired outcomes. Great cost estimation can keep the project within budget. In this article at Project Risk Coach, Harry Hall suggests involving project teams to make accurate cost estimation. It is the key to stay on track and schedule.

Explore Your Options

Each individual in the team has enough ideas to curb project costs. Following their suggestions, you can take calculated risks. Explore these three approaches to involve your team and improve cost assessment:

Collective Thinking

When it comes to project management, one person is insufficient to execute ideas. So, why only managers should be responsible for deciding the most critical element, which is the budget? A group of skilled professionals can brainstorm all aspects of the project expenditure.

Delphi Technique

It can help you classify expenses necessary for project development. Project managers can request stakeholders’ intervention to decide the essential elements of the project. Once stakeholders give you an approval, you can compile and share the final list with the team.

Nominal Group Technique

Use this technique to calculate and share all the critical components of your project with the stakeholders. Software expenses are far more essential to calculate than other trivial items. You must also pen down the top three expenditures and discuss them with your team to gather their feedback. Allow each team member to share individual views on the project budget.

Project cost estimation is necessary to maintain progress with the help of the real heroes responsible for delivering desired outcomes. Seeking their views proves helpful in delivering successful projects. Click on the following link to read the original article:

The post Engage Project Teams to Draw Better Cost Estimates appeared first on AITS CAI’s Accelerating IT Success.

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