Estimating Projects

2 days

Audience

Prerequisites

·   Key managers, supervisors and project leaders who regularly estimate their projects, but have not had a consistent method to do so.

·   Clients and Technical Project Managers who usually are given nothing more than a deadline and cost budget without any definition of the Statement of Work (SOW).

·   Engineers and Analysts who need to estimate accurately early in the project lifecycle.

·   Program Management Office personnel who need to understand the overall estimating process and the requirements for a good Metrics and Historical Database repository.

·   Any individual who wants a consistent process that fully supports PMI's processes (Project Management Institute's Body of Knowledge)

·   Currently managing or involved with at least one project

·   Some exposure to working with Spreadsheet software.

·   A calculator will be required during the session.

·   This session is a hands-on session and requires the use of a PC lab for the entire two days.

Description

Estimating Projects requires a combination of skills:  Analyst, Accountant, Statistician, Mathematician, Historian, Librarian and Politician!

If we estimate the project too high, we won't be believed, but if we estimate what we think, the Client will cast the estimate in stone.

Estimating seems to require ESP to be done correctly!  This workshop uncovers the "fundamental truths" of estimating projects and addresses the factors that dramatically cause estimates to be incorrect.

We cover the foundation approaches of estimating which are applicable for estimating projects across a wide spectrum of business and industries - from a brief discussion of the fundamental theory to a more intensive exploration of the practical use of the techniques.  Many of the techniques can also be applied to detailed task estimating.

The workshop will provide easy tools and automated support techniques that can be used immediately to estimate more accurately.  Participants will leave the class with spreadsheet templates that apply the estimating approaches covered.

Outline/Table of Contents

Definitions and Concepts:

·   Estimating Myths

·   Silly Techniques that ARE Used

·   Macro vs. Micro-Estimating

·   Estimating vs Bidding

·   Project Lifecycle & Appropriate Estimating Points

·   Project Scope Identification & Process Questions

Technique:  Experiential Estimating:

·   Estimating Tendencies

·   ROM or SWAG (Intuitive) Estimating

·   Wide-Band Delphi

·   Expert Estimating

·   Comparison (Referential) Estimating

·   Corroborative (Analogous) Estimating

Technique:  Algorithmic Estimating:

·   Algorithmic Methods Overview

·   Background Foundation

·   Example:  COCOMO 2.0

Technique:  Parametric Estimating:

·   Definition & Purpose

·   Example:  Function Points for Software Development

·   Work Breakdown Structures

·   Work Package Identification - Direct & Indirect Costs

·   Detailed Task Estimates - Effort based and Detailed Estimating Components

·   Project Management Level of Effort estimates

·   Contingencies and Management Reserves

·   Metrics Programs

Technique:  Statistical Estimating:

·   Statistical Concepts

·   Modified PERT Estimating

·   Estimate Decomposition:  Phase & Deliverable-Based

·   Ratio Estimating

Conclusion:

·   The Estimating Process

·   High-Level Forecasts of Project Duration

·   Implementation Strategies & Thoughts

·   Transition to Workplace