Estimation is like love! You fail if you do and you suffer if you don't & If it clicks it is magic.

Estimation in Project Management: PMP Principles vs. Practical Reality

We know that estimation is a crucial aspect of project planning. According to the Project Management Professional (PMP) framework, estimation involves quantifying the resources and time required to complete project tasks. However, we all know that projects rarely go as planned, and deadlines, budgets, or both often suffer.

PMP Principles:

- Estimate tasks based on historical data and expert judgment

- Use techniques like bottom-up estimation, top-down estimation, and three-point estimation

- Consider risk, uncertainty, and assumptions

Practical Reality:

- Projects are unique, and historical data may not apply

- Stakeholders often have unrealistic expectations

- Teams may not have the necessary expertise or resources

So, why estimate if estimates are supposed to fail?

Estimates are not necessarily supposed to fail, but they often do due to uncertainties and complexities. Despite this, estimation remains crucial for:

- Planning and prioritization

- Managing stakeholder expectations

- Risk management

- Improvement and learning

- Communication and collaboration

Practical Estimation Tips:

- Involve the team in estimation to get a more accurate understanding of task complexity

- Use agile methodologies like story points or T-shirt sizing to simplify estimation

- Consider using range estimation (e.g., 3-5 days) instead of fixed estimates

- Build buffers and contingencies into the project schedule and budget

- Regularly review and adjust estimates as the project progresses

Let's be real - estimation is not an exact science. But by combining PMP principles with practical experience and adaptability, we can improve our estimation skills and set our projects up for success.

Share your estimation experiences and tips in the comments! #projectmanagement #estimation #pmp #agile #projectplanning