You must have noticed that education has become unbelievably accessible to the entire world. You can learn from educational videos, online curated content, and online classes. In the coming years, the educational scenario will observe a massive shift in its framework. However, there is one thing that no educational institution can teach you – how to estimate things correctly.
This is one of those experience-based aspects that improve with practice and time. If you are working as a project manager, estimating the project’s budget, duration, and production value must be impeccable at your end. In her article for A Girl’s Guide to PM, Elizabeth Harrin talks about some project estimation techniques to improve your project management skills.
Trust Your Experts
If you are a newly appointed project manager or feel unfamiliar with certain project aspects, it is better to obtain expert opinions. Getting a view from your subject matter experts or someone that can rationally calculate and estimate a project’s details helps a lot. When you discuss things with your teammates and experts, it puts you in a better position to estimate things related to your project.
Try Analogous Estimation
In analogous estimation, projects are estimated on the basis of their historical data to predict better results. It helps the team to rely on something that is associated with the past record of the project. Going back to older records helps you with project estimation and gives you an opportunity to reflect on any mistakes your team made the last time.
Attempt Parametric Estimation
Parametric estimation helps you estimate aspects closely associated with your project’s time, resources, and budget. It uses the project’s various parameters to build an estimate in an interrelated manner.
Furthermore, you can estimate projects by implementing the Program Evaluation and Review Technique (PERT). The PERT estimation is calculated by this formula:
(O + 4M +P) / 6 = Estimate, where O stands for an optimistic estimate, M stands for the most likely estimate, and P stands for a pessimistic estimate. Another way to estimate your project value or variables is the top-down estimation. Harrin asserts that this method is most effective when you are already given the end value.
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