In an ideal world, to deliver successful projects, project estimation and planning would be the first step in every project.
This article attempts to outline the Project Estimation Guide, for an ideal world.
LinkedIn audience are welcome to share their experience with the real-world project planning and estimation, what has worked well, what has created challenges, what made projects succeed and what made projects delayed/fail.
Project estimation is the process of predicting the time, effort, and cost required to complete a project. Accurate project estimation is crucial for ensuring that the project is completed within the allocated time frame and budget, and that the desired quality standards are met. In this article, we will discuss the key steps involved in project estimation.
- Define the project scope
- The first step in project estimation is to clearly define the scope of the project. This involves identifying the specific tasks that need to be completed, the expected deliverables, and the desired outcomes. A well-defined project scope will help you to determine the resources needed to complete the project, and will also serve as a reference point throughout the project to ensure that you stay on track.
- Identify the project requirements
- The next step is to identify the requirements for the project. This involves understanding the customer’s needs and expectations, as well as any technical requirements that need to be met. By understanding the project requirements, you can determine the resources that are needed to complete the project and estimate the time and effort required.
- Break down the project into smaller tasks
- Breaking down the project into smaller, manageable tasks is an important step in project estimation. This helps to identify all the activities that need to be completed to achieve the project objectives. This will also help in estimating the effort required for each task, which can then be used to estimate the overall effort required for the project.
- Estimate the effort required for each task
- The effort required for each task should be estimated by considering the complexity of the task, the skills required to complete it, and any dependencies on other tasks. The effort estimate should take into account any risks or uncertainties that may impact the completion of the task. This can be done using historical data, expert opinions, or other estimation techniques.
- Determine the resource requirements
- Once the effort estimates have been determined, the next step is to identify the resources required to complete the project. This includes human resources, such as project team members, and any equipment or tools that may be needed. By understanding the resource requirements, you can estimate the cost of the project and ensure that the necessary resources are available when needed.
- Develop a project schedule
- Based on the effort estimates and resource requirements, you can develop a project schedule. This involves determining the start and end dates for each task and identifying any dependencies between tasks. The project schedule should be realistic and take into account any potential risks or issues that may impact the timeline.
- Review and refine the estimates
- Project estimation is not a one-time activity. As the project progresses, the estimates may need to be reviewed and refined based on actual progress and any changes to the project scope or requirements. It is important to keep the estimates up-to-date to ensure that the project stays on track and within budget.
In conclusion, project estimation is a critical process that requires careful planning, analysis, and review. By following these key steps, you can ensure that your project is completed within the allocated time frame and budget, while meeting the desired quality standards. Accurate project estimation is essential for project success and should be given the time and attention it deserves.
How are you doing with project estimation and project planning, in your organization and/or for your projects ?
