How can you improve project estimates with coordination tools and techniques?

1 Define the scope

The first step to improve your project estimates is to define the scope clearly and comprehensively. The scope should include the project objectives, deliverables, specifications, assumptions, constraints, and exclusions. A well-defined scope will help you avoid scope creep, which can cause delays and cost overruns. You can use tools such as work breakdown structures (WBS), scope statements, and scope management plans to document and communicate the scope effectively.

3 Collaborate with stakeholders

The third step to improve your project estimates is to collaborate with stakeholders who have relevant knowledge and experience in the project. Stakeholders can include clients, contractors, suppliers, consultants, engineers, and workers. You can use tools such as meetings, workshops, surveys, and feedback sessions to solicit and incorporate their input and feedback. Collaborating with stakeholders will help you gain a better understanding of the project requirements, expectations, and challenges.

4 Apply estimation techniques

The fourth step to improve your project estimates is to apply appropriate estimation techniques based on the level of detail and accuracy required. Estimation techniques can range from top-down to bottom-up, from parametric to analogues, and from deterministic to probabilistic. You can use tools such as spreadsheets, software, and formulas to perform and document the calculations. Applying estimation techniques will help you produce more realistic and reliable estimates.

5 Review and revise

The fifth step to improve your project estimates is to review and revise them regularly throughout the project lifecycle. You should compare the estimates with the actual performance and outcomes of the project, and identify any variances and causes. You should also update the estimates to reflect any changes in the scope, schedule, resources, or risks. You can use tools such as variance analysis, change management, and earned value management to monitor and control the estimates. Reviewing and revising the estimates will help you improve your project performance and quality.

6 Use coordination tools

The sixth step to improve your project estimates is to use coordination tools that can help you integrate and synchronize the estimates with other aspects of the project. Coordination tools can include software, platforms, or systems that can facilitate the sharing, updating, and tracking of the estimates among the project team and stakeholders. Using coordination tools will help you enhance your project visibility, communication, and collaboration.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?